Ophir Energy completes sale of interest in blocks to Pavilion Energy

Ophir Energy plc

Ophir Energy plc reports that its transaction to sell a 20% interest in Blocks 1, 3 and 4 in Tanzania to Pavilion Energy has now completed.

The company has received cash of US$1,255 million reflecting the purchase price consideration of US$1,250 million plus a completion adjustment of US$5 million to reflect interest and working capital movements since the effective date of the transaction of Jan. 1.

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.

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