Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/ophir-energy-completes-sale-of-20-interest-in-bloc.shtmlOphir Energy completes sale of 20% interest in Blocks 1, 3 and 4 to Pavilion Energy
Ophir Energy plc announce that the transaction reported on 14 November 2013 to sell a 20% interest in Blocks
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Ophir Energy plc announce that the transaction reported on 14 November 2013 to sell a 20% interest in Blocks 1, 3 and 4, Tanzania to Pavilion Energy has now completed.
The company has received cash of US$1,255million reflecting the purchase price consideration of US$1,250million plus a completion adjustment of US$5million to reflect interest and working capital movements since the effective date of the transaction of 1 January 2014.
A further US$38 million is payable following the final investment decision in respect of the development of Blocks 1, 3 and 4, currently expected in 2016.
