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Publish Date : 28-Oct-2014

Ophir Energy plc has announced it has signed a deal with Niko Resources (Niko) to acquire stakes in seven deepwater Production Sharing Contracts (PSCs) in Indonesia. The deal brings access to large acreage positions in highly potential basins and boosts Ophir's presence in South East Asia, after an acreage offshore Myanmar was awarded earlier this year.

Key points : Acquisition of stakes in seven PSCs, six of which will be run by Ophir, for a cash consideration of $31.3 million with further payments subject to exploration success; Significant new country entry in deepwater blocks with identified unrisked potential resource of over 3.0 billion barrels of oil equivalent (boe) and considerable further exploration prospects; PSCs split across three core areas with exposure to a combination of proven and frontier oil and gas plays; Drilling activity starting 2016 over a footprint of 8,301 square miles (21,500 square kilometers);
Following completion, Ophir will be a mahor deepwater exploration acreage owner in Indonesia and the deal will expand the company's total gross licensed acreage by 40 percent

Nick Cooper, CEO, Ophir Energy, said : "We are excited by the exploration and market opportunities in South East Asia, which can complement our continued expansion in Africa. This transaction with Niko Resources provides one new country entry but access to three new core areas. The asset package adds a high impact, deepwater, exploration portfolio to our existing asset base at a very low entry cost. Indonesia is a mature, hydrocarbon producing province with a long-established regulatory and fiscal framework that contains an exciting mix of proven and frontier deepwater basins. The latter are largely underexplored and are in-line with our strategy of early entries into operated, potentially transformational acreage where multiple geological plays have been identified. This deal represents a significant reloading of the company's exploration portfolio, expanding our gross acreage by 40 percent and in combination with Ophir's recent Myanmar PSC award, positions Ophir as a leading deepwater Asian explorer. We look forward to delivering a number of high impact wells from this new Asian portfolio as well from our existing African assets in the coming years."

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