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Ophir to buy exploration licences in Indonesia from Niko Resources

Reuters - UK Focus

LONDON, Oct 27 (Reuters) - Oil explorer Ophir Energy (Other OTC: OPGYF - news) has agreed to buy interests in seven deepwater production-sharing contracts in Indonesia from Niko Resources (Toronto: NKO.TO - news) , building on Ophir's foray into the south-east Asian market.

Ophir, which is normally Africa-focussed, has agreed to pay $31 million once the is completed and up to another $56 million depending on drilling success at four of the projects, the company said in a statement.

The seven fields spanning 21,500 square kilometres hold prospective resources of more than 3 billion barrels of oil equivalent.

Once the deal is finalised, Ophir will operate six of the seven fields and grow its total exploration acreage by 40 percent.

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"This transaction with Niko Resources provides one new country entry but access to three new core areas," Ophir Chief Executive Nick Cooper said.

The London-listed company has separately made a conditional takeover proposal for Salamander Energy (Other OTC: SALDF - news) , an oil explorer with assets in Indonesia and other south-east Asian markets. (Reporting by Karolin Schaps; editing by Susan Thomas)