Press

Ophir Energy Half Year Results

Posted by OilVoice Press - OilVoice

13-Sep-2018


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

  • Production average of 11,400 boepd, marginally ahead of expectations
  • Agreed acquisition of Southeast Asian package of assets from Santos for $205 million (as at effective date of 1 January 2018); the transaction closed in September with a net cash payment of $144 million (after adjusting for the value of cash flow from 1 January 2018)
  • Revenue of $102 million and net funds flow from production of $43 million
  • Impairments and write-offs of $358 million, mainly comprised of $310 million relating to Fortuna
  • Closing net cash  of $75 million and closing liquidity of $371 million

 

2018 Outlook

  • Production from the Santos assets has been higher than predicted during the year which has reduced the expected payback of the transaction to 30 months
  • The table below summarises the outlook on a pro-forma and accounting basis:

 

 

Units

Proforma Basis(*)

IFRS Basis(**)

 

 

FY 2018

FY 2018

Production

(Mboepd)

27.5

17.0

Net funds flow from production

($'millions)

210

130

Acquisition cost (with effective date of 1 January 2018)

($'millions)

205

144

Capital expenditure

($'millions)

145

125

Net debt

($'millions)

110

110

Gross liquidity (cash and undrawn debt facility)

($'millions)

260

260

 

*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.

Ophir EnergyResultsEarningsAsiaProduction

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