Ophir obtains shareholders’ approval to acquire assets from Santos

RISC’s recently completed Competent Persons Report for Ophir Energy plc (Ophir) has successfully assisted Ophir to obtain approval from Shareholders for the proposed acquisition of Santos’ South East Asian asset package. The following press release was published  confirming the approval.

Oil and Gas News

Tuesday, August 21, 2018 – 07:52AM GMT+7

By Romel S. Gurky

UK-based Ophir Energy plc said it had obtained on Monday shareholders’ approval for the proposed acquisition of a package of Southeast Asian assets from ASX-listed Santos Ltd.

“The resolutions put to the shareholders to approve the transaction and the commitment compensation payment arrangements in relation to the transaction were duly passed on a poll,” Ophir said in a statement issued following a shareholders meeting.

The company said in accordance with the expected timetable of events set out in the circular, the expected date of completion in respect of the producing assets is 7 September 2018.

Completion in respect of the exploration assets is expected to take place in the first half of 2019, subject to certain additional conditions that must be fulfilled prior to completion. Further announcements will be made upon completion of each set of assets.

Santos announced on May 3 the sale of its non-core Asian portfolio to Ophir Energy for US$221 million.

The assets sold to Ophir include the following interests:

• 31.875% in the Block 12W PSC2 (Chim Sáo and Dua oil fields), Vietnam;
• 67.5% in the Madura Offshore PSC (Maleo and Peluang gas fields), Indonesia;
• 45% in the Sampang PSC (Oyong and Wortel gas fields), Indonesia;
• 20% in the Deepwater Block R PSC (Bestari oil discovery), Malaysia;
• 45% in the SS-11 PSC, Bangladesh;
• 50% in Block 123 PSC and 40% in Block 124 PSC, Vietnam.

To read RISC’s Competent Person’s Report or view the Ophir Shareholder Circular in its entirety, please click on the respective images below. RISC’s published Competent Person’s Report begins on page 110 of the Circular document.

         RISC Competent Person’s Report                               Ophir Shareholder Circular