…and sells block equity

摘要

Ophir Energy has agreed to sell Pavilion Energy a 20% stake in Tanzania Blocks 1, 3 and 4 for a maximum cost of US $1.288 Bn. Under the deal, Ophir will receive $1.25 Bn with further contingent consideration of $38m following the Final Investment Decision (FID) for the development of Blocks 1, 3 and 4. This is currently expected to be in 2016. The deal is expected to complete in Q1 2014.