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Ophir updates on Fortuna FLNG project

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Hydrocarbon Engineering,

Ophir Energy plc has announced that it has agreed a 12 month extension to the Block R licence, in which the Fortuna FLNG project is situated, to the end of December 2018.

The company also confirmed that it has been pursuing financing discussions with a group of Chinese banks. This process has taken longer than expected. Concurrently, Ophir and its partners have also been developing alternative funding sources for the project. These alternative options are now at an advanced stage. Ophir expects to be in a positon to select one of these options and to finalise the financing arrangements for the FLNG project by mid-December 2017.

Once the financing arrangements have been selected, Ophir will seek approval for the project from its shareholders and the project stakeholders. The company expects a Final Investment Decision to be taken in 1Q18.

Nick Cooper, Chief Executive of Ophir, said: “The discussions we have had in recent weeks make us more confident than ever that shareholders will realise significant value from Fortuna.”

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