Ophir Completes Sale of Tanzania Gas Asset to Pavilion Energy

Ophir Energy on Monday said it has completed the sale of 20% interest in Blocks 1, 3 and 4, Tanzania to Pavilion Energy.

In November last year Ophir Energy agreed to sell 20% stake in Tanzanian Blocks 1, 3 and 4 to Temasek’s Pavilion Energy for $1.3 billion.

The proceeds from this transaction will support Ophir’s forward plans which includes investing in a number of new opportunities that are under consideration and have transformational growth potential, Ophir said.

“We are delighted to welcome Pavilion Energy into the Tanzanian LNG development across Blocks 1, 3 and 4. The partial monetisation of our interests is in keeping with Ophir's strategy of minimising exposure to development capex and realising the value created from exploration success at the appropriate time,” Nick Cooper, CEO, commented.

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