UK's Ophir has announced that it has signed a Sales and Purchase Agreement relating to the sale of its 23.33 per cent interest in Block 5 (Cuenca Salina), offshore Mexico.
Ophir has agreed to sell to the existing partners in the Block 5 exploration licence, Murphy Oil, Wintershall Dea and Petronas. The sale is for US$35 million in cash.
Upon closing, interest in the licence will be held by subsidiaries of the 3 oil companies with Murphy as operator at 40 per cent, Sierra Offshore Exploration at 30 per cent and PC Carigali Mexico Operations at 30 per cent.
The sale is expected to close before the end of the year and is subject to government and regulatory approval under the Block 5 exploration licence.
Ophir said that the sale is consistent with it's stated strategy of minimising its exposure to exploration assets.