logo
Share SHARE
FONT-SIZE Plus   Neg

Ophir Energy To Place Up To 30.5 Mln Ordinary Shares Of 0.25p Each - Quick Facts

Ophir Energy plc (OPHR.L) announced capital raising to part-finance an expanded 2012/2013 Exploration Programme and intends to place up to 30.5 million new ordinary shares of 0.25 pence each. The placing is being conducted via. an accelerated bookbuild.

The proceeds from this placing would be used to finance a significant portion of the company's expanded 2012-2013 African exploration programme, which would allow Ophir to maintain its current equity position in the Block 1, 3, 4 JV with BG while we continue to investigate the world-class potential of this asset base. Also, the company plans to introduce industry partners into its operated East African positions during the second half of 2012 and are preparing for an first quarter 2013 East African programme on its operated acreage in Block 7, East Pande and L-09.

Chief Executive Officer stated, "Ophir's East African acreage is characterised by relatively high net equity stakes for a mid-cap independent. The Company holds a 40% non-operated stake in Blocks 1, 3 and 4 with BG; and stakes of 60-90% in our operated Block 7 and East Pande (Tanzania); Blocks L-09 and L-15 (Kenya)."

Ophir looks forward to a 2012-2013 programme of 22 high impact wells aiming more than 9 TCF plus over 1.3 BbbL of net, unrisked, recoverable resources.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Gatorade Co. agreed to pay $300,000 to settle a complaint with California over a mobile game that discouraged drinking water, the California attorney general's office said last week. The settlement terms also call for putting $120,000 toward the study or promotion of childhood and teenage nutrition and consumption of water. Consumer goods giant Unilever plc Monday said it has agreed to acquire Carver Korea, a Seoul-based maker of toners and moisturizers, for 2.27 billion euros from Bain Capital Private Equity and Goldman Sachs. The company expects the acquisition to help it to gain ground in the Korean beauty market, said to be the fourth largest skincare market in the world. Swiss engineering firm ABB Ltd. announced Monday its agreement to acquire GE Industrial Solutions, the electrification solutions business of Conglomerate General Electric Co., for $2.6 billion. The acquisition includes a long-term right to use the GE brand. ABB expects the acquisition to strengthen its Number 2 position in electrification globally and expand access to North America.
comments powered by Disqus
Follow RTT