The company owns 50% interest in Ophir Production (OPSB), which secured the Ophir risk service contract in June 2014.
Malaysia-based Scomi Energy Services and Vestigo Petroleumholds30% and 20% interest respectively in the OPSB.
The OPSB’s Ophir oil field will be developed through a simple stand-alone development, with first oil planned for December 2015.
Expected to cost $135m, the development comprises drilling of three production wells from a single wellhead platform producing into a leased tanker for storage and offloading of crude.
OPSB has accepted a letter of offer for syndicated term loan facilities of around $118.76m for 75% of the proposed capital expenditure for the Ophir field development.
Octanex chairman Geoff Albers said: "Securing project financing is an important milestone for the development of the Ophir oil field."
A syndicate comprising Malayan Banking Berhad, RHB Bank and United Overseas Bank will provide the finance for about four years.
