Ophir progressing Fortuna FLNG finance arrangements

Ophir Energy has secured a 12-month extension to the block R license offshore Equatorial Guinea until end-December 2018.

The concession includes the proposed Fortuna FLNG project.

Ophir and its partners in the project have been in talks with Chinese banks on financing options. Progress has been slower than expected, so the partners are now also working on alternative funding sources.

The company expects to be in a position to select one of these options and to finalise the project’s financing arrangements by mid-December.

It will then seek approval for the project from its shareholders and other stakeholders, with a final investment decision likely to follow during the first quarter of 2018.