Ophir Completes Sale of Interest in Tanzania Blocks

Africa-focused Ophir Energy reported Monday that it has completed the sale of a 20-percent interest in its Blocks 1, 3 and 4 in Tanzania to Pavilion Energy.

Ophir said it has received cash of $1.26 billion and that a further $38 million is payable following the final investment decision in respect of the development of the blocks that is expected in 2016.

Ophir said that the proceeds from the transaction will support its plans that include investing in a number of new opportunities that are under consideration and have transformational growth potential. The firm added that the new funds will also give it the flexibility to rapidly capitalize on any exploration success from its current drilling program.

Ophir CEO Nick Cooper commented in a company statement:

"We are delighted to welcome Pavilion Energy into the Tanzanian LNG development across Blocks 1, 3 and 4. The partial monetization of our interests is in keeping with Ophir's strategy of minimizing exposure to development capex and realizing the value created from exploration success at the appropriate time."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Genel can 'Plan with Confidence' in 20... (Jan 24)
 -  Savannah: Niger R3 License Area 3D Sei... (Jan 24)
 -  BridgeTex to Boost Capacity of Permian... (Jan 24)
 -  Republicans Laud Trump's Pipeline Revi... (Jan 24)
 -  Petronas: LNG Train 9 in Sarawak Moves... (Jan 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Director, US Government Construction
Expertise: Construction Manager|Project Management
Location: Philadelphia, PA
 
Pilot - Aviation
Expertise: Business Development|Helicopter Pilot / Operations
Location: Houston, TX
 
Business Development Manager
Expertise: Business Development|Sales|Structural Engineering
Location: Los Angeles, CA
 
search for more jobs

Brent Crude Oil : $55.23/BBL 0.46%
Light Crude Oil : $52.75/BBL 0.62%
Natural Gas : $3.24/MMBtu 1.25%
Updated in last 24 hours