FID for Fortuna Expected Mid 2017
Friday 10 March 2017
“2016 saw Ophir adopt the simple maxim “find low, monetise smartly”. Our decision to re-orient the Group’s activities around net asset value per share has changed our corporate mindset. All activities are now focused on finding or developing hydrocarbons at the lowest cost and monetising promptly and swiftly; thereby maximising the margin realised for shareholders. In 2016, Ophir delivered the start-up of the Kerendan gas field, we advanced the Fortuna FLNG project towards FID and significantly reduced our G&A cost (for a third year running).
“We are looking for 2017 to deliver material milestones. A green light for Fortuna, expected in mid-2017, will unlock 345 MMboe for monetisation. Subject to the volume of gas we choose to term up, this could treble our Group 2P reserves in the process. Plans to sweat our Asian assets have the potential to monetise up to a further 80 MMboe over the next three years.
“At the same time, Ophir will be resuming operated exploration and the Ayame-IX well in Côte d’Ivoire is expected to spud in May 2017. With production, development and exploration programmes gathering pace, Ophir is moving towards our ambition of being a sustainable explorer.”