Ophir Energy plc today reports results for the six months ended 30 June 2018.
Alan Booth, Interim CEO of Ophir, commented:
“As per the separate strategic update, the Board is rebalancing the company's portfolio towards a larger Asian production and cash flow base with the aim of building a stable, self-financing E&P company. The recent acquisition of assets from Santos is a considerable step towards this goal, doubling our production and operating cash flow.
“On Fortuna, we are continuing to work to deliver value for our shareholders whilst we are in possession of the licence. Reflecting the uncertainty surrounding this however, we have impaired the value of the asset to $300 million.”
Highlights for 1H'18
Net funds flow from production
Acquisition cost (with effective date of 1 January 2018)
Gross liquidity (cash and undrawn debt facility)
*Guidance on a 2018 full year pro forma basis assuming accounting for the Santos acquisition from the effective date of 1 January 2018.
**The 2018 full year financial results will reflect acquisition accounting from the completion date of 6 September 2018.