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Ophir

Markets

Ophir agrees £390m takeover

Ophir Energy has agreed to a takeover by Indonesia's Medco in a deal that values the London-listed company at £390 million.

Oil & Gas

Ophir Energy close to signing-off on agreements for Fortuna FLNG

Ophir Energy said it is in the process of signing off on its long-term agreements for its Fortuna FLNG (Floating Liquefied Natural Gas) project off Equatorial Guinea. The company will be working with a shortlisted group of counterparts all of which are globally established LNG buyers. The offtake contracts offer flexibility to competitively deliver the gas into either the Atlantic or Pacific Basin and Ophir said they had been met with strong interest from LNG buyers.

Oil & Gas

Ophir Energy launches Thailand exploration

Ophir Energy said it has launched its two-well exploration programme in Thailand after spudding of the first wildcat. The company said it had spudded the G4/50-10 exploration well on the Soy Siam prospect in the western Gulf of Thailand. The block partly surrounds Ophir's producing Bualuang oil field and spans a series of Tertiary aged sub-basins in the region.

Oil & Gas

Ophir Energy awards two consortia contacts for Fortuna LNG project

Ophir Energy has awarded two contractor consortia contracts for its Fortuna FLNG project in Equatorial Guinea. The agreements, for Upstream Front End Engineering and Design (FEED), were given to McDermott Marine Construction and GE Oil & Gas and Subsea 7 and Aker Solutions. The move comes in the same week the company revealed it would be reduce its headcount and closing offices in a $60million savings bid.

Oil & Gas

Ophir Energy to reduce headcount and close offices in $60million savings bid

Ophir Energy will close almost half of its offices and reduce its headcount as it looks to streamline costs following its acquisition of Salamander Energy earlier this year. The move was made as chief executive Nick Cooper admitted the company faced a “tough time” in the commodity cycle. However the company’s head insisted Ophir continued to have a strong balance sheet despite the changes.

Markets

Ophir Energy makes Salamander takeover bid

Ophir Energy has made an indicative offer to acquire Salamander Energy, the companies have said in a joint statement. The company is making an offer of 0.5719 of its own shares for each Salamander share. Both Ophir Energy and Salamander said there was “compelling strategic logic” for the move, that will leave the pair with a strong portfolio of operations across Africa and South East Asia.

Oil & Gas

Ophir Energy strikes deal in Indonesia

Ophir Energy has struck a deal with Niko Resources to acquire interests in seven deepwater Production Sharing Contracts (PSCs) in Indonesia. The $31.3million deal means six of the PSCs will be operated by the company, with further payments depending on exploration success.