Ophir Energy plc Announce 2018 Full Year Results

Posted On March 14th, 2019 - 12:27 pm | by Oil and gas press

Ophir announces its full year results for the year ended 31 December 2018.

Strategic Highlights

Completed the acquisition of Southeast Asian production licences from Santos for a total consideration of $205 million. The assets delivered material cash flow returning $117 million (on a proforma basis) of the acquisition cost during 2018.


Took steps to reduce the cost base through downsizing the London headquarters and relocating to Asia, bringing senior management closer to the key assets.


Minimised the exposure to frontier exploration: finalising withdrawal from Myanmar, Aru Trough (Indonesia); sold EG-24 in Equatorial Guinea; and withdrawing from Malaysia.

Financial

Revenue increased 58% to $298 million (2017: $189 million)


Unit operating costs $11.67 per boe (2017: $11.43 per boe)


Net funds flow from production increased 55% to $143.5 million (2017: $90.1 million), equivalent to $23.00 per boe (2017: $21.58 per boe)

Net debt/(cash) at year-end of $35 million (2017: net cash $119 million)

Government of Equatorial Guinea decided not to further extend the Block R Licence which resulted in an impairment of $614 million

Completed refinance of the acquisition bridge facility and $250 million reserve based lending facility into a new $350 million, seven year reserves based lending facility

Ended the year with gross liquidity of $391 million (2017: $427 million).

Source / More : Ophir Energy plc ,2018 Full Year Results

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