Ophir to buy Southeast Asian assets from Santos for US$205 mn

Ophir Energy, an independent upstream oil and gas exploration and production company listed on the London Stock Exchange, will acquire a package of Southeast Asian assets from Santos Limited, an Australian listed oil and gas company, for an aggregate cash consideration of US$205 million pre-working capital adjustments, subject to certain approvals. The portfolio of assets includes material producing assets in Vietnam and Indonesia plus exploration and appraisal assets in Malaysia, Vietnam and Bangladesh.

The company intends to fund the consideration through its existing financial resources and a new acquisition bridge facility.

Overview of the Assets being acquired


A 31.875% working interest in a material producing oil and gas field and material stakes in two exploration blocks

  • Block 12W – Producing asset:

– 45 MMboe of 2P Reserves (gross)

– ~23,600 boepd (gross) production from Chim Sào/Dua with associated gas

  • Blocks 123 (50% operated interest) / 124 (40% non-operated interest) – Exploration permits in frontier Phu Khanh Basin, with large oil/LNG scale potential


A portfolio of operated producing East Java gas assets supplying a growing market with robust pricing

  • Interests in two Production Sharing Contracts:
    • Sampang – 45% operated interest
    • Madura – 67.5% operated interest
  • Gas production from the Oyong, Wortel fields in the Sampang PSC, and the Maleo & Peluang fields in the Madura PSC.
    • 12 MMboe of 2P reserves (gross)
    • 11,500 boepd (gross) production
  • Also includes the Meliwis discovery (77.5% operated interest) which will be developed through the Madura infrastructure
  • Near field exploration and appraisal targets


A 20% non-operated working interest in the Deep Water Block R PSC (offshore Sabah, Malaysia).


A 45% operated interest in exploration Block SS-11, Bangladesh immediately adjacent to multi-Tcf producing fields across the border in Myanmar

  • An early stage exploration project with multiple plays