The transaction with Schlumberger not only derisks the Fortuna project, but also reduces the Capex exposure of Ophir until first gas to zero. Pending FID, we have therefore increased our Chance of Development for the core project from 75% to 85%. The positive impact on our ReNAV for the project is offset by the value being transferred to Schlumberger through the deal. As the result of the deal, our Unrisked NAV for the project is reduced from US$453 mm to US$350 mm (£0.31 per share). Ov

27 Jan 2016
More Certainty at EG But Also Less Value

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More Certainty at EG But Also Less Value
Ophir Energy (OPHR:LON) | 0 0 1.6% | Mkt Cap: 402.5m
- Published:
27 Jan 2016 -
Author:
Stephane Foucaud -
Pages:
6 -
The transaction with Schlumberger not only derisks the Fortuna project, but also reduces the Capex exposure of Ophir until first gas to zero. Pending FID, we have therefore increased our Chance of Development for the core project from 75% to 85%. The positive impact on our ReNAV for the project is offset by the value being transferred to Schlumberger through the deal. As the result of the deal, our Unrisked NAV for the project is reduced from US$453 mm to US$350 mm (£0.31 per share). Ov