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    Ophir Gets AGM OK for Santos Deal

Summary

The UK firm's deal to buy assets from Australia's Santos has secured shareholder approval.

by: Mark Smedley

Posted in:

Natural Gas News, Asia/Oceania, Europe, News By Country, Australia, United Kingdom

Ophir Gets AGM OK for Santos Deal

Ophir said that its proposed $205mn acquisition of a package of southeast Asian mainly gas assets from Australia's Santos, announced in May, was overwhelmingly approved by its shareholders August 20.

Expected date of completion of the producing assets is September 7, while the completion of the exploration assets deal is expected in 1H 2019.

Just under 536.2mn votes were cast at Ophir's annual general meeting (AGM) in favour of it acquiring the package of assets from Santos, against 6,429 against.

Ophir had pinned its hopes for revenue on its Fortuna LNG project offshore Equatorial Guinea; but with financing for that still not in sight, the company has stepped up its efforts to secure production elsewhere under a different chief executive officer.