Ophir’s Fortuna FLNG finally bites the dust

Ophir Energy’s long-running efforts to fund the Equatorial Guinea project fail, as the company engages in takeover talks

Equatorial Guinea's decision not to extend Ophir Energy's licence on offshore block R, thus scuppering the long-delayed Fortuna floating LNG project, was largely expected, given the UK-listed firm's protracted struggle to find funding. Ophir is also currently in talks over a possible takeover by Indonesia's Medco Energi. London-based Ophir said the loss of the $1.2bn Fortuna project would result in an impairment charge of around $300mn in its full year results, following on from a £310mn charge announced with half-year results in September 2018. The company had been downbeat on prospects for Fortuna-the firm's leading project-for months, as it struggled to overcome a financing vacuum left by