We tipped Ophir Energy (OPHR) earlier this month on the conviction that the group would make a final investment decision on its Fortuna liquefied natural gas project offshore Equatorial Guinea by the year-end. While the timescale has been pushed back, the project appears to have been given the green light, after Ophir announced the formation of a joint venture with oil service partners Golar and Schlumberger - the latter of which returned to the negotiating table after previously abandoning Fortuna.
The agreement, which requires shareholder approval, will pay for the financing, construction, development and operation of the plant. And while Ophir's ownership of the block R licence has been diluted, the London-listed group has been guaranteed it will spend no more than $150m (£120m) before first gas in 2020.
