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OPHR Ophir Energy Plc

57.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ophir Energy Plc LSE:OPHR London Ordinary Share GB00B24CT194 ORD 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 57.50 57.40 57.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Ophir Energy Plc Fortuna FLNG Offtake Awarded to Gunvor (4738O)

21/08/2017 7:00am

UK Regulatory


Ophir Energy (LSE:OPHR)
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TIDMOPHR

RNS Number : 4738O

Ophir Energy Plc

21 August 2017

21(st) August 2017

Ophir Energy plc

("Ophir")

Fortuna FLNG Offtake Awarded to Gunvor

The Ministry of Mines and Hydrocarbons ("MMH"), Ophir Equatorial Guinea (Block R) Ltd, OneLNG SA and La Compania Nacional De Petroleos De Guinea Ecuatorial ("GEPetrol") have nominated Gunvor Group ("Gunvor") as their preferred LNG Buyer for offtake from the Fortuna FLNG project. All parties have agreed the principal commercial terms subject to finalising a Sale and Purchase Agreement ("SPA") for the offtake ahead of the Final Investment Decision ("FID") on the Fortuna FLNG project.

Gunvor is committed to taking the full contract capacity of the Gandria FLNG vessel of 2.2 MMTPA, which will be purchased on a Brent-linked, Free on Board ("FOB") basis for a 10 year term. The contract structure allows flexibility for up to 1.1 MMTPA of the Fortuna capacity to be marketed on an alternate basis. Consequently the agreement gives the Fortuna partners, alongside the State of Equatorial Guinea, the potential to sell volumes to higher priced gas markets in Africa and beyond, whilst retaining a share in the profits of such sales.

With a preferred LNG Buyer now nominated, the last significant milestone remaining prior to FID for the Fortuna FLNG project is the completion of project funding, with FID remaining on track for later in 2017.

His Excellency, Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons for the Republic of Equatorial Guinea, commented: "The selection of Gunvor sets a landmark moment in the development of the Fortuna Project. The partnership with Gunvor also paves the way for the government's objective to deliver important projects that monetize our gas, promotes local content and brings world-class petroleum technology to Equatorial Guinea. The Fortuna Project will target becoming the first choice supplier of LNG for the LNG to Africa initiative, furthering Equatorial Guinea's leadership position in Africa as an LNG exporter."

Nick Cooper, Chief Executive of Ophir, commented: "We thank those parties that participated in the competitive tender process for the offtake and welcome Gunvor to the Fortuna FLNG Project. Gunvor's involvement is a further addition to a strong partnership along the Fortuna value chain. Our focus is now on completing the financing package and debt facility. With Golar's sister vessel, the Hilli, nearing completion and with Petronas FLNG having recently delivered commercial cargoes, FLNG is now entering the mainstream."

Jeff Goodrich, CEO OneLNG SA, commented: "OneLNG, along with the State of Equatorial Guinea and Ophir, would like to take the opportunity to welcome Gunvor to the Fortuna family. We look forward to working together to set the new performance benchmark in FLNG."

Information contained within this announcement is deemed by the Company to constitute inside information for the purposes of the Market Abuse Regulations (EU) No. 596/2014 ("MAR")

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.

About Gunvor:

Gunvor Group is one of the world's largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. For more information, visit www.GunvorGroup.com or @Gunvor

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

August 21, 2017 02:00 ET (06:00 GMT)

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