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Ophir Energy signs Fortuna contract with Schlumberger

Mon, 25th Jan 2016 07:47

(ShareCast News) - Ophir Energy has signed a non-binding head of terms agreement with Schlumberger, which will receive a 40% interest in the company's Fortuna project in Equatorial Guinea.Under the definitive agreement, which is expected to be signed in the second quarter, Schlumberger will reimburse 50% of Ophir's past costs in the form of a development carried interest. This is expected to cover Ophir's share of capital expenditures up until first sales of liquefied natural gas.Chief executive Nick Cooper said: "We are very pleased to welcome Schlumberger into the Fortuna FLNG project. Innovative partnering in the upstream is increasingly important to deliver world class projects that can create value throughout the cycle."Ophir's cost to first gas is fully funded by this transaction, and we can now evaluate the other funding and offtake proposals that we have received to select at financial investment decision the combination that creates most value for shareholders."In addition, Ophir said it is likely to produce 10,500 to 11,500 barrels of oil equivalent per day in 2016, with the Kerendan gas field expected to start contributing to these volumes in the second half of the year.Meanwhile, capital expenditure for the year is seen at between $175m and $225m.Group operating cash flow from producing assets is forecast to be $75m to $100m which, along with a planned 2016 refinancing of the debt facilities, is expected to lead to a 2016 year end cash position of between $550m and $600m.
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6 Jun 2016 16:24

Ophir Energy says looking at range of equity investors for Fortuna project

CAPE TOWN, June 6 (Reuters) - Oil and gas explorer Ophir Energy Plc said on Monday it was talking to a range of equity investors, as well as gas buyers to help finance its Fortuna FLNG project in Equatorial Guinea, after Schlumberger walked away. "We've done all the work in a very difficul

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6 Jun 2016 15:50

Equatorial Guinea blames Schlumberger for quitting LNG project

CAPE TOWN, June 6 (Reuters) - Equatorial Guinea's energy minister on Monday said U.S. company Schlumberger walked away from talks with Ophir over the development of the Fortuna LNG project because it wanted to "monopolise everything." But Gabriel Obiang Lima said he was confident the projec

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2 Jun 2016 08:00

FTSE quarterly review confirms raft of changes to 100 and 250 indices

(ShareCast News) - Hikma Pharmaceuticals' promotion to the FTSE 100 index was confirmed after the latest quarterly review was announced overnight, while demoted blue chip Inmarsat was joined in the FTSE 250 by three recently floated finance groups CYBG, CMC Markets and Metro Bank plus several others

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1 Jun 2016 17:11

Hikma to replace Inmarsat in FTSE 100 index

LONDON, June 1 (Reuters) - Hikma Pharmaceuticals will be promoted to Britain's benchmark FTSE 100 equity index after a sharp rally in its shares since March, while satellite company Inmarsat will drop out of the FTSE. A spokesman for the London Stock Exchange announced the change via telep

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1 Jun 2016 16:14

Hikma Pharmaceuticals Rejoins FTSE 100, Smurfit Kappa Joins FTSE 250

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31 May 2016 09:47

WINNERS & LOSERS SUMMARY: Alliance Trust Rises On RIT Approach

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31 May 2016 08:29

BROKER RATINGS SUMMARY: Shore Capital Raises Brewin Dolphin To Buy

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19 May 2016 15:55

LONDON MARKET CLOSE: US June Rate Hike Prospect Slams Miners

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4 May 2016 08:30

BROKER RATINGS SUMMARY: Bernstein Downgrades Morrisons To Underperform

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3 May 2016 15:50

Tuesday broker round-up

(ShareCast News) - Tullow Oil: Goldman Sachs upgrades to buy with a 274,30p target. RSA Insurance: Barclays upgrades to overweight with a 545p target. RBS: UBS reiterates neutral with a target price of 250p Barclays reiterates equal-weight with a target of 270p and Goldman Sachs stays at buy with 3

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3 May 2016 15:15

AGM, EGM Calendar - Week Ahead

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3 May 2016 08:34

BROKER RATINGS SUMMARY: UBS Downgrades RBS To Neutral From Buy

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29 Apr 2016 15:51

LONDON MARKET CLOSE: RBS, IAG Lead FTSE 100 Fallers Ahead Of Break

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29 Apr 2016 14:51

FTSE 250 movers: Restaurant Group sinks as revenues lift Rotork

(ShareCast News) - The FTSE 250 was down in afternoon trading on Friday, as investors picked their way through a raft of corporate earnings and as data showed the eurozone fell further into deflation in April. Valve maker Rotork was among the index leaders in afternoon trading, after it reported a 0

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29 Apr 2016 11:08

LONDON MARKET MIDDAY: BoJ And Apple Hit UK Stocks Ahead Of Break

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