LONDON – Ophir Energy has agreed to sell its 23.33% interest in block 5 in the Cuenca Salina basin offshore Mexico to the partners in the exploration license, subsidiaries of Murphy Oil Corp., Wintershall Dea, and Petronas.
Upon closing, interest in the license will be held by Murphy Sur, S. de R.L de C.V at 40% (operator), Sierra Offshore Exploration, S. de R.L. de C.V. at 30%, and PC Carigali Mexico Operations, S.A. de C.V. at 30%.
The sale is for a cash consideration of $35 million, which accounts for back costs (including its share of the recent well) alongside a cash premium. The proceeds will be used to enhance liquidity. The gross book value of the asset being sold is $24 million.
The sale is expected to close before the end of the year and is subject to government and regulatory approval.