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Ophir Energy completes acquisition of certain Southeast Asian assets from Santos

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Ophir Energy completes acquisition of certain Southeast Asian assets from Santos

U.K.-based oil and gas exploration and production company Ophir Energy PLC said Sept. 6 that it completed the acquisition of producing assets in Southeast Asia from Australia's Santos Ltd.

The deal, which was proposed in May, includes material-producing assets in Vietnam and Indonesia plus exploration and appraisal assets in Malaysia, Vietnam and Bangladesh.

Ophir Energy said in a May 3 release that the deal was in line with its strategy of rebalancing its portfolio and cash flow base for the company to support its refocused exploration portfolio and consider returning capital of the company's shareholders.

The acquisition is subject to regulatory and certain partner considerations and is expected to close in 2019.

In a separate release, Santos said it received cash proceeds amounting to $144 million for the sale of the producing assets, which represents a sale price of $221 million.