Ophir Energy plc has entered into an agreement with Niko Resources to acquire interests in seven deepwater Production Sharing Contracts (PSCs) in Indonesia. The transaction brings access to large acreage positions in highly prospective basins and expands Ophir's footprint in South East Asia, following the award of acreage offshore Myanmar earlier this year.
◾ Acquisition of interests in seven PSCs, six of which will be operated by Ophir, for a cash consideration of US$31.3million with further payments contingent on exploration success.
◾ Significant new country entry in deepwater blocks with identified unrisked prospective resource of >3.0billion boe and considerable further exploration potential.
◾ PSCs split across three core areas with exposure to a mix of proven and frontier oil and gas plays.
◾ Drilling activity commencing 2016 over a footprint of 21,500km2.
◾ Post completion, Ophir will be a leading deepwater exploration acreage holder in Indonesia and the transaction will increase the Company's total gross licensed acreage by 40%.