Ophir Energy & OneLNG

Execution of the Fortuna Umbrella Agreement - Seite 2

Nick Cooper, Chief Executive of Ophir, commented: "The Umbrella Agreement is the important foundation agreement which formalises the value chain economics for the Government of Equatorial Guinea and the project participants. We welcome the introduction of Equatorial Guinea's national companies as project partners and the alignment of interests that this brings.

The remaining milestones of the construction contract awards, the finalisation of debt and the LNG offtake are as advanced as we had wanted them to be at this stage. The Fortuna FLNG Project therefore remains firmly on schedule for an FID by mid-year."

Jeff Goodrich, CEO of OneLNG commented: "Signing of the Umbrella Agreement is a significant milestone.  It represents an innovative way of doing business, brings alignment throughout the entire value chain to all of the Project Stakeholders, and provides clear line of sight to FID for the project. The Fortuna project remains on track to become Africa's first deepwater FLNG project."

 

This announcement has been determined to contain inside information.

For further enquiries please contact:

Ophir Energy plc                                                                                     + 44 (0) 20 7811 2400

Nick Cooper, CEO

Tony Rouse, CFO

Geoff Callow, Head of IR and Corporate Communications

OneLNG                                                                                                    [phone]

Stuart Buchanan, Head of Investor Relations

Brunswick (PR Adviser to Ophir)                                                         [phone]                   

Patrick Handley

Wendel Verbeek            

About the Umbrella Agreement:

As previously communicated, final State Approval of the overall project, including the Umbrella Agreement, is the final milestone at FID.

About OneLNG:

OneLNG is joint venture between Golar LNG Limited and Schlumberger to rapidly develop low cost gas reserves to LNG. The combination of Schlumberger reservoir knowledge, wellbore technologies and production management capabilities, with Golar's low cost FLNG solution offers gas resource owners a faster and lower cost development solution that increases the net present value of their asset.

About Ophir:

Ophir Energy is an independent Upstream oil and gas exploration and production company focused on Africa and Asia. It is listed on the London Stock Exchange.

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Source: Golar LNG via Globenewswire