Ophir Energy plc (“Ophir” or “the Company”) is pleased to provide an update on progress with regards to the proposed development of the Company’s gas resources in Equatorial Guinea.
Letter of Intent to appoint Petrofac as Development Operator
A non-binding Letter of Intent has been signed with Petrofac to provide services as operator of the proposed gas development up to the Final Investment Decision. These services are expected to include, amongst other activities, preparing and issuing the Field Development Plan for the project and co-ordination of the interface between the upstream and midstream elements of the development. The provision of services is conditional on a binding agreement being reached between Ophir and Petrofac.
Progress on Midstream Floating LNG solution
In order to finalise the preferred midstream solution for the proposed gas development in Equatorial Guinea, Ophir has held discussions with a number of Floating LNG (“FLNG”) vessel providers.
The Company has received several proposals, a number of which have now been shortlisted for further assessment with non-binding Letters of Intent signed today in Singapore with the counterparties involved. The Ministry of Mines, Industry and Energy and Ophir are reviewing the competing proposals and are planning to execute a Memorandum of Understanding with the preferred FLNG vessel provider on completion of this process.
source: Ophir Energy Website