18 Dec 2017 07:00
18 December 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.
Further to the release on 23 November, Ophir, together with its partners in the Project, have decided to prioritise one of the alternative funding solutions that would see a leading Asian bank provide funding of up to $1.2bn, on similar commercial terms to those agreed earlier this year with the group of three Chinese banks. These discussions are at an advanced stage and whilst significant progress was made towards closing out the financing in December, it has not proven possible in the limited time available. These discussions are now continuing into the New Year. Upon confirmation of the financing the Project will proceed to a Final Investment Decision.
Furthermore, Ophir is collaborating with OneLNG to confirm a prompt start to Fortuna Project.
Nick Cooper, Chief Executive of Ophir, commented: "We are now focusing our efforts on closing out the prioritised solution and remain confident of commencing the Fortuna project in early 2018."
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).