Ophir’s revenue jumps as Fortuna FLNG FID is taking longer than expected

Ophir's revenue jumps as Fortuna FLNG FID is taking longer than expected

London-based Ophir Energy reported a 76 percent increase in 2017 revenue, however, the completion of the project financing on the Fortuna FLNG project is taking longer than expected.

The company reported a revenue of $188.5 million for the financial year 2017, compared to the $107.2 million in the previous year.

Speaking of the results, Ophir’s CEO, Nick Cooper said the company had right-sized the business during the year to meet key operational targets and replenish the exploration portfolio.

“The rebalancing of our portfolio and our capex prioritization away from its prior primary exploration focus has seen Ophir approach sustainability,” he said.

However, Cooper said the company is “disappointed it has not yet achieved the Fortuna project FID, despite having made significant progress.”

The completion of project financing on the Fortuna project in Equatorial Guinea has taken longer than expected, but all other milestones were achieved in 2017 with the signing of the umbrella agreement, the nomination of a preferred supplier for the LNG offtake and the award of upstream and midstream construction contracts.

The project financing is the last remaining milestone before the project can reach the FID.

He continued to say that delivering the Fortuna FLNG FID is one of three focus points of the year 2018, together with monetizing contingent resources and growing production and cash flow.

Ophir is working towards reaching first gas in 2022, and the vessel set for conversion, Gandria, is expected to enter the shipyard this month to commence early works.

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