Ophir has agreed to amass a bundle of Southeast Asian property from Santos Limited, an Australian listed Oil & Gas firm, for an mixture money consideration of $205 million pre-working capital changes, topic to sure approvals. The portfolio of property consists of materials producing property in Vietnam and Indonesia plus exploration and appraisal property in Malaysia, Vietnam and Bangladesh.
The Transaction is according to Ophir’s acknowledged technique of rebalancing its portfolio in direction of a bigger manufacturing and money movement base to allow us to sustainably help the refocused exploration portfolio and to think about returning capital to shareholders.
• A balanced and complementary portfolio of Southeast Asian property with low working prices, robust cashflows, close to time period growth alternatives and exploration potential
• Resilient manufacturing in Vietnam and Indonesia, offering low threat cashflow
• Proforma 2018 forecast working curiosity manufacturing from Santos property of 13,500 barrels of oil equal per day (boepd).
• Proforma Group 2018 manufacturing will increase to 25,000 boepd
• Proforma Group 2018 forecast funds movement from manufacturing doubles to $180 million
• Production life extensions utilising strategic infrastructure positions
• 2P reserves enhance of over 40% from 49.four (million barrels of oilequivalent per day (MMboe) to 70.6 MMboe
Upside optionality supplied by the varied portfolio of growth, appraisal and exploration alternatives in Vietnam, Indonesia, and Bangladesh
Nick Cooper, Chief Executive Officer, commented:
“It is a declared strategic goal of Ophir to rebalance its asset base and change into free money movement constructive in an effort to contemplate repeatedly returning capital to shareholders. This transaction accelerates the realisation of this aim.” (Source and picture: Ophir/Ophir employee in Indonesia)
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