Ophir Completes Part of Santos Deal

UK-listed Ophir Energy said September 6 it has completed the acquisition of the southeast Asian producing assets from Australia's Santos, as per expectations.

The $205mn acquisition of a package of southeast Asian mainly gas assets from Australia's Santos was announced in May and approved by Ophir shareholders on August 20. It is being handled in two parts: the producing assets and exploration assets.

Ophir said that cash flows generated by the producing assets in 2018 have been better than its expectations, owing to higher than expected commodity prices over the period and production from the Chim Sao oil field in Vietnam outperforming, and therefore net cash payable to Santos by Ophir on completion is $144mn (subject to any post completion adjustment). 

Completion of the separate 'exploration assets' from Santos is conditional upon, amongst other things, regulatory and certain partner consents, and their respective pre-emption regimes and is expected in 2019.