Strategy and Business model

Our business model is focused on finding resources efficiently and monetising them smartly. The spread between the two is where we create value.

Being a sustainable explorer means having enough capital to drill two to three play opening wells per annum, regardless of where we are in the commodity cycle. This capital will come from one of two forms of monetisation: either cash flow from our production assets or cash on the balance sheet from assets that we have sold.

Sustainable through the cycle


Group 2P reserves (at end 2016)


Cash on the balance sheet (at end 2016)

Ophir’s six rules to create value:

  1. Continue to find low-cost resource and monetise smartly.
  2. Exit plays/assets that don’t work at low cost and enter assets/plays that do.
  3. Only invest in high-quality assets below the shale threshold with transformational potential, minimal commitments, and fiscal terms that enable value creation.
  4. Re-engineer value chains where appropriate to improve margins.
  5. Pace our exploration and highgrade the plays. We will not rush to drill.
  6. NAV/share growth is our key metric and we will benchmark against this more explicitly going forward.