BRIEF-Ophir Energy to acquire interests in seven deepwater PSCs in Indonesia

Mon Oct 27, 2014 4:13am EDT
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Oct 27 (Reuters) - Ophir Energy Plc

* Acquisition of Indonesian exploration licences

* Pleased to announce it has entered into an agreement with Niko Resources ("niko") to acquire interests in seven deepwater Production Sharing Contracts ("PSCs") in Indonesia

* Cash consideration of US$31.3million with further payments contingent on exploration success

* Transaction brings access to large acreage positions in highly prospective basins and expands Ophir's footprint in South East Asia

* Transaction will increase company's total gross licensed acreage by 40%

* Look forward to delivering a number of high impact wells from this new asian portfolio as well from our existing african assets in coming years

* Total further consideration payable on success is capped at US$56million Source text for Eikon: Further company coverage: