23 Nov 2017 07:00
23 November 2017
Ophir Energy plc
("Ophir")
Fortuna FLNG Project Update
The following is an update on the status of the Fortuna FLNG project ("the Project"), Equatorial Guinea.
Ophir has agreed a twelve-month extension to the Block R licence, in which the Project is situated, to the end of December 2018.
The Company, together with its partners in the Project, has been pursuing financing discussions with a group of Chinese banks. This process has been taking longer than expected. Concurrently, Ophir and its partners have therefore also been developing alternative funding sources for the Project. These alternative options are now at an advanced stage. Ophir expects to be in a positon to select one of these options and to finalise the financing arrangements for the Project by mid-December 2017.
Once the financing arrangements have been selected, Ophir will promptly seek approval for the Project from its shareholders and the project stakeholders. The Final Investment Decision, based on this sequence of approvals, would be expected to take place during Q1 2018.
Nick Cooper, Chief Executive of Ophir, commented: "The discussions we have had in recent weeks make us more confident than ever that shareholders will realise significant value from Fortuna."
For further enquiries please contact:
Ophir Energy plc + 44 (0) 20 7811 2400
Nick Cooper, CEO
Tony Rouse, CFO
Geoff Callow, Head of IR and Corporate Communications
Brunswick (PR Adviser to Ophir) +44 (0) 20 7404 5959
Patrick Handley
Wendel Verbeek
About Ophir:
Ophir Energy is an independent Upstream oil and gas exploration and production company focused on Africa and Asia. It is listed on the London Stock Exchange (LEI: 213800LAZOZTKPAV258).