Ophir Energy Sells Mexico Offshore Block Stake For USD35 Million Cash

LONDON (Alliance News) - Ophir Energy PLC said Thursday said it had sold it 23% interest in an offshore Mexico exploration block for USD35 million in cash to its existing partners in the project.

Ophir agreed to sell the stake in Block 5 (Cuenca Salina) to subsidiaries of Murphy Oil Corp, Wintershall Dea and Petronas. It added that the sale was "consistent" with its strategy of "minimising its exposure to exploration."

Block 5 was being held on the books at Ophir for USD24 milllion. The firm anticipates the sale to complete by the end of 2019, with the funds being used to "enhance liquidity."

Shares in Ophir closed unchanged at 57.40 pence on Thursday.