Ophir Energy Plc announced preliminary results for the year ended 31 December 2013 and its future outlook.
Full Year Results Highlights:
Nick Cooper, CEO of Ophir Energy plc commented: “2013 saw the Company continue its operational progress. In Tanzania we added further resource, derisked the discovered gas volumes with appraisal drilling and flow-tests and then partially monetised our position through the transaction with Pavilion Energy. This progress demonstrates the benefits of our strategy of creating shareholder value through the exploration and appraisal phase of the industry investment cycle and then realising that value at the appropriate time. We have entered 2014 well financed to deliver the most extensive exploration programme in the Ophir’s history; targeting wells in Tanzania, Gabon and Equatorial Guinea. This programme will include several new plays, which, if successful, have significant follow on potential beyond any initial discovery.”