Ophir fundraises to meet exploration commitments



Issue 250 - 14 Mar 2013 | 3 minute read

Deep-water explorer Ophir Energy is raising £553m ($826m) through a share placing and rights issue to fund a programme of ten to 15 wells this year targeting 1.3bn boe of resources. The London Stock Exchange-listed company’s extensive acreage holdings have started to deliver results, particularly in Tanzania, where it has discovered significant offshore gas reserves in partnership with BG Group, but also offshore Equatorial Guinea, where it is looking for a partner to bring a string of gas discoveries into production.

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