{"id":744,"date":"2014-03-20T10:21:01","date_gmt":"2014-03-20T10:21:01","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=744"},"modified":"2015-09-09T11:06:59","modified_gmt":"2015-09-09T11:06:59","slug":"744","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/744\/","title":{"rendered":"Ophir Energy Plc announces its preliminary Full Year Results for 2013"},"content":{"rendered":"

Full Year Results Highlights:<\/strong><\/p>\n

\u2022Announced the divestment of a 20% interest in Blocks 1, 3 and 4 Tanzania to Pavilion Energy for US$1.288 billion. This transaction is now unconditional with all conditions precedent satisfied and is due to complete imminently<\/p>\n

\u2022Added 254mmboe of net contingent resources with a 3 year average finding cost of US$0.90\/boe\u2022Net loss after tax for the year of US$245.8 million (2012: US$40.7 million) reflecting asset impairments on Block 7, Tanzania and AGC and exploration write-offs in Ghana, Madagascar, Congo and Kenya<\/p>\n

\u2022Strengthened the Company\u2019s financial position by raising US$837.6 million (gross) via the successful March Placing and Rights Issue. Net cash and short-term investments at 31 December 2013 were US$666.7million<\/p>\n

\u2022 Executed a successful exploration and appraisal programme in Tanzania Blocks 1, 3 and 4 which included two exploration discoveries, Ngisi (Block 4) and Mkizi (Block 1), and three Drill Stem Tests which confirmed good reservoir deliverability and flow rates at the upper end of expected range. Significantly derisked the two train LNG project which is moving into the pre-development planning phase<\/p>\n

\u2022 Made significant progress on commercialising the Company\u2019s Equatorial Guinea gas resources with Floating LNG the preferred development solution<\/p>\n

\u2022 Agreed a comprehensive farm-out of the Company\u2019s Gabonese acreage to OMV<\/p>\n

\u2022 Extended the rig contract for Deepsea Metro I drillship and secured the Vantage Titanium Explorer drillship under contract to be able to deliver the 2013 and 2014 drilling programmes across both West and East African portfolios<\/p>\n

\u2022 High-impact 2014 exploration campaign targeting wells across Tanzania, Gabon and Equatorial Guinea<\/p>\n

Nick Cooper, CEO of Ophir Energy plc commented
\n\u201c2013 saw the Company continue its operational progress. In Tanzania we added further resource, derisked the discovered gas volumes with appraisal drilling and flow-tests and then partially monetised our position through the transaction with Pavilion Energy. This progress demonstrates the benefits of our strategy of creating shareholder value through the exploration and appraisal phase of the industry investment cycle and then realising that value at the appropriate time. We have entered 2014 well financed to deliver the most extensive exploration programme in the Ophir\u2019s history; targeting wells in Tanzania, Gabon and Equatorial Guinea. This programme will include several new plays, which, if successful, have significant follow on potential beyond any initial discovery.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Full Year Results Highlights: \u2022Announced the divestment of a 20% interest in Blocks 1, 3 and 4 Tanzania to Pavilion Energy for US$1.288 billion. This transaction is now unconditional with … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[789,792,944,1428,1605,1743,1926,1979,2466],"class_list":["post-744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-equatorial-guinea","tag-equitorial-guinea","tag-gabon","tag-lng","tag-mkizi-block-1","tag-ngisi-block-4","tag-ophir-energy","tag-pavilion-energy","tag-tanzania","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/ophir.jpg?fit=423%2C456&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/s5JWkQ-744","jetpack-related-posts":[{"id":1616,"url":"https:\/\/www.oilnewskenya.com\/index.php\/pavilion-energys-transaction-with-ophir-to-finance-tanzanian-operations-in-2015\/","url_meta":{"origin":744,"position":0},"title":"Pavilion Energy’s transaction with Ophir to finance Tanzanian operations in 2015","author":"Samuel Kamau Mbote","date":"August 14, 2014","format":false,"excerpt":"Ophir Energy says its completion of the divestment of a 20% interest in Blocks 1, 3 and 4, Tanzania to Pavilion Energy for S$1.25 billion (pre-tax) with a further US$38 million payable on Final Investment Decision will help the company finance its operations in the country through to 2015. Operations\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":757,"url":"https:\/\/www.oilnewskenya.com\/index.php\/lng-export-terminal-could-be-expanded\/","url_meta":{"origin":744,"position":1},"title":"Tanzania’s LNG export terminal could be expanded","author":"Samuel Kamau Mbote","date":"March 21, 2014","format":false,"excerpt":"Courtesy of Reuters Tanzania's first planned liquefied natural gas (LNG) export terminal could be expanded after the project partners discovered more gas than expected, shareholder Ophir Energy said. East Africa, tipped to become one of the next big gas-producing regions after huge discoveries in recent years, is in a race\u2026","rel":"","context":"In "News by others"","block_context":{"text":"News by others","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/news-by-others\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/lng1.jpg?fit=660%2C435&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/lng1.jpg?fit=660%2C435&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/lng1.jpg?fit=660%2C435&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":1033,"url":"https:\/\/www.oilnewskenya.com\/index.php\/results-on-taachui-1-well-in-tanzania-expected-in-two-weeks\/","url_meta":{"origin":744,"position":2},"title":"Results on Taachui-1 well in Tanzania expected in two weeks","author":"Samuel Kamau Mbote","date":"May 15, 2014","format":false,"excerpt":"Ophir Energy has announced that results from the offshore Taachui-1 well in Block 1 will be known by the end of May. The well is projected to have a mean recoverable resource of 1.4 TCF and is being worked on by the Deepsea Metro 1 drillship. Once work is complete\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/05\/ophir.jpg?fit=456%2C325&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1959,"url":"https:\/\/www.oilnewskenya.com\/index.php\/bg-group-withdrawals-from-tanzanias-block-3\/","url_meta":{"origin":744,"position":3},"title":"BG Group withdrawals from Tanzania\u2019s Block 3","author":"Samuel Kamau Mbote","date":"October 28, 2014","format":false,"excerpt":"BG Group has announced that it has informed the Tanzanian government of its intended withdrawal from its 60% equity interest in Block 3 with the company already having written off a $74 million exploration charge in its latest financial results. The withdrawal could be as a result of the minimal\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/block-3-tanzania.png?fit=512%2C441&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":108,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ophir-contemplates-1-3bn-tanzania-offshore-blocks-sale-to-pavilion\/","url_meta":{"origin":744,"position":4},"title":"Ophir contemplates $1.3bn Tanzania offshore blocks sale to Pavilion","author":"Samuel Kamau Mbote","date":"December 5, 2013","format":false,"excerpt":"Story by: The East African - Shareholders of oil and gas explorer Ophir Energy will in the next two weeks in London vote on whether the company should sell a 20 per cent stake in three key blocks off the shore of Tanzania to Singapore based Pavilion Energy. The London\u2026","rel":"","context":"In "News by others"","block_context":{"text":"News by others","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/news-by-others\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":788,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ophir-energy-gives-pavilion-energy-20-interest-in-tanzanian-blocks\/","url_meta":{"origin":744,"position":5},"title":"Ophir Energy gives Pavilion Energy 20% interest in Tanzanian Blocks","author":"Samuel Kamau Mbote","date":"March 24, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Ophir Energy has announced that the transaction reported on 14 November 2013 to sell a 20% interest in Blocks 1, 3 and 4, Tanzania to Pavilion Energy has now completed. The company has received cash of US$1.255 billion reflecting the purchase price consideration of US$1.25 billion plus a\u2026","rel":"","context":"In "Home"","block_context":{"text":"Home","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/home\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/ophir1.jpg?fit=600%2C420&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/ophir1.jpg?fit=600%2C420&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/03\/ophir1.jpg?fit=600%2C420&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=744"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/744\/revisions"}],"predecessor-version":[{"id":3760,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/744\/revisions\/3760"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/745"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}