Petroleum Africa
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Sunday, November 26, 2017
Ophir Energy agreed to a 12-month extension in Equatorial Guinea on its Block R license, home of the Fortuna development project. The extension takes the company to the end of 2018 and allows it, along with its partners, time to pursue financing options.
The partners have been pursuing financing discussions with a group of Chinese banks. This process has taken longer than expected.
Concurrently, Ophir and its partners have therefore also been developing alternative funding sources for the project. These alternative options are now at an advanced stage. Ophir expects to be in a position to select one of these options and to finalize the financing arrangements for the project by mid-December 2017.
Once the financing arrangements have been selected, Ophir will promptly seek approval for the project from its shareholders and the project stakeholders. The FID, based on this sequence of approvals, would be expected to take place during Q1 2018.
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