20th Feb 2014 10:32
LONDON (Alliance News) - Ophir Energy PLC Thursday said it has signed a non-binding letter of intent with Petrofac Ltd to be the operator of its proposed gas development in Equatorial Guinea.
The oil and gas exploration company said services are to include preparing and issuing the Field Development Plan for the project and co-ordination of the interface between the upstream and midstream elements of the development.
Ophir is to be operator up until a final investment decision is to be made, under the terms of the deal, which is conditional on a binding agreement being reached, said the firm.
The company also said it has held discussions with a number of floating liquefied natural gas vessel providers in order to finalise its plans for off-taking gas from the Equatorial Guinea site.
Ophir said it has received several proposals, a number of which have been shortlisted for further assessment with non-binding Letters of Intent signed today in Singapore with the counterparties involved.
The company has an 80% interest in offshore Block R in Equatorial Guinea which has a 2C gas resource of roughly 2.6 trillion cubic feet.
Ophir Energy shares were down 0.7% to 305.90 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
PetrofacOPHR.L