Half Year Results for the six months ended 30 June 2015

Ophir Energy plc announces its Half Year Results for the six months ended 30 June 2015

Operational

  • Completed Salamander Energy acquisition and successfully integrated Asian assets, operations and team
  • Average daily production 14,600 boepd (pro forma); full year guidance increased to 11,000-12,500 boepd
  • Significant progress on Fortuna FLNG with Golar LNG signed on as Midstream partner to provide a 2.2 MTPA vessel and Upstream FEED phase underway. FID expected mid-2016
  • Increased exploration portfolio with low commitments: completed acquisition of four deepwater PSCs in Indonesia
  • Completed four seismic acquisition programmes: Bualuang oil field, Myanmar Block AD-03, Gabon and Seychelles
  • Preparations finalised for two exploration wells in 2H 2015: Soy Siam and Parichat in G4/50, Thailand

 Financial (reflects acquisition of Salamander Energy, completed 3rd March 2015)

  • Revenue of $86.5 million (1H 2014: nil)
  • Pre-tax loss of $123.3 million (1H 2014: profit of $589.4 million) before extraordinary items
  • Cash generated from Operations of $69.4 million (1H 2014: utilised $12.7 million)
  • Total cash available as at 30 June of $708.2 million (FY 2014: $1,172.8 million); gross debt of $316.2 million resulting in a net cash position of $392.0 million (FY 2014: $1,172.8 million)
  • Cost rationalisation programme delivering $60 million per annum of pre-tax G&A savings
  • Completed $100 million share buyback programme

Nick Cooper, CEO, Ophir Energy, commented

“In a tough operating environment for E&P companies Ophir continues to differentiate itself through the robustness of its financial position, the progression of its field development plans and a commitment to acquire quality exploration acreage with minimal financial commitments that offer attractive returns at current commodity prices. The second half of the year will see the drilling of two low cost wells in the Gulf of Thailand in an unexplored basin adjacent to the Bualuang oil field.

“Overall, Ophir sees numerous opportunities offering significant upside and value creation, both from within our existing asset base and beyond.”

A call with management will be held at 0900 BST following this announcement. Participants can dial in using the following details:

Dial-in number: +44 (0) 1452 555 566

Conference ID: 86615575