Recent Malaysian bank research paper re Scomi Services (30% of Ophir) suggests the small field development is not viable on current prices. This fact might go a long way to explain the complete lack of interest in OXX. Local Malaysian contractor SapuraKencana and its subsidiary TL Offshore have respectively won contracts for the engineering, procurement and construction of a wellhead platform and provision of a floating storage and offloading vessel for Ophir. Hopefully Petronas now gives approval for the go ahead and the project stays on track. DYOR.
OXX Price at posting:
6.0¢ Sentiment: Hold Disclosure: Held
