Ophir to acquire deepwater exploration licenses

Ophir Energy plc has entered into an agreement with Niko Resources to acquire interests in seven deepwater production sharing contracts in Indonesia.

Offshore staff

LONDONOphir Energy plc has entered into an agreement with Niko Resources to acquire interests in seven deepwater production sharing contracts (PSCs) offshore Indonesia. The transaction brings access to large acreage positions in highly prospective basins and expands Ophir’s footprint in southeast Asia, following the award of acreage offshore Myanmar earlier this year. The acquisition was for a cash consideration of $31.3 million, with further payments contingent on exploration success.

Ophir will operate six of the seven PSCs, and drilling activity is scheduled to begin in 2016 over a footprint of 21,500 sq km (8,301 sq mi). The PSCs are split across three core areas, with exposure to a mix of proven and frontier oil and gas plays.

10/28/2014

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