Ophir Nets $1.3B From Sale Of Tanzania Natural Gas Stake

Law360, New York (November 14, 2013, 3:19 PM EST) -- Ophir Energy PLC has agreed to sell a 20 percent stake in a natural gas discovery off the coast of Tanzania to Singapore’s state-backed Pavilion Energy Corp. for $1.28 billion, the British oil and gas exploration company said Thursday.

Pavilion Energy will pay an initial $1.25 billion to Ophir with a further contingent consideration of $38 million following the final investment decision concerning the development in three blocks in the Rovuma and Mafia basins area, currently expected in 2016, according to Ophir, which is developing the...
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