(Reuters) – Ophir Energy has written down the value of its struggling Equatorial Guinea natural gas project by $310 million, it said on Thursday, while also announcing plans to cut jobs in London and move its headquarters to Asia to lower costs.
Read MoreLondon-based Ophir Energy has not yet finalized the project finance solution for its Fortuna FLNG project in Equatorial Guinea.
Read MoreA pioneering liquefied natural gas project in Equatorial Guinea, bogged down by delayed financing, ran into further trouble after U.S. oil services company Schlumberger pulled out of the venture, two other operators said on Thursday.
Read MoreReuters are reporting that Ophir Energy is replacing CEO Nicholas Cooper with immediate effect amid delays in funding a major gas project in Equatorial Guinea that have slashed its share value in the past year. Alan Booth, currently a non-executive director, has been named interim CEO and executive director, Ophir said. The company is looking “to rebalance its portfolio towards a larger production and cash flow base, to support more focused and sustainable exploration activity,” the…
Read MoreOphir Energy has announced that it has entered into a farm-out agreement with Kosmos Energy covering the EG-24 exploration licence in Equatorial Guinea.
Read MoreUK-based Ophir Energy has decided to exit from Block 513 offshore Cote d’Ivoire (Ivory Coast), following an unsuccessful well at the acreage last year.
Read MoreOphir Energy, together with its Fortuna FLNG project partners, has decided to prioritize an alternative funding solution with an Asian bank for up to $1.2 billion on similar terms to those agreed with the group of Chinese banks.
Read MoreOphir Energy has agreed a twelve-month extension to the Block R licence, in which the Project is situated, to the end of December 2018.
Read MoreThe Ministry of Mines and Hydrocarbons, Ophir Energy and national oil company GEPetrol have signed a new production sharing contract (PSC) forBlock EG-24 offshore Rio Muni, Equatorial Guinea. London Stock Exchange-listed Ophir Energy is already a major player offshore Equatorial Guinea in Block R, where the company is building Africa’s first deepwater floating liquefied natural gas project.
Read MoreOphir Energy has awarded the upstream construction contract for the Fortuna FLNG Project to Subsea Integration Alliance, which is a partnership between OneSubsea, a Schlumberger company, and Subsea 7.
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