Ophir Energy has agreed a twelve-month extension to the Block R licence, in which the Project is situated, to the end of December 2018.
The Company, together with its partners in the Project, has been pursuing financing discussions with a group of Chinese banks. This process has been taking 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 positon to select one of these options and to finalise 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 Final Investment Decision, based on this sequence of approvals, would be expected to take place during Q1 2018.
Nick Cooper, Chief Executive of Ophir, commented:
‘The discussions we have had in recent weeks make us more confident than ever that shareholders will realise significant value from Fortuna.’Source: Ophir Energy