Ophir shareholders approve Santos transaction

Business & Finance

Ophir Energy has received shareholder approval for its previously announced acquisition of Santos Limited’s assets in South East Asia.

Ophir announced the proposed acquisition of a package of Southeast Asian assets from Australia’s Santos Limited for $205 million in May this year.

At the general meeting of the company held on Monday, the Ophir shareholders approved the Santos transaction.

The portfolio of assets includes material producing assets in Vietnam and Indonesia plus exploration and appraisal assets in Malaysia, Vietnam, and Bangladesh.

Ophir has described the Santos assets package as a balanced and complementary portfolio of Southeast Asian assets with low operating costs, strong cash flows, near-term development opportunities and exploration potential.

Santos has said that the producing assets sold are relatively late-life and are not prioritized for capital in the Santos portfolio. Santos’ share of production from the assets in the first quarter of 2018 was 1.4 million barrels of oil equivalent.

The transaction will add ~13,500 boepd of net working interest production to Ophir in 2018 and ~21.2 MMboe to Ophir’s net working interest reserves.

Offshore Energy Today Staff