Ophir Energy Logs USD 19.1 Million Loss in 2011 (UK)

London-based Ophir Energy recorded a loss of US$19.1 million for the year ended 31 December 2011.

Key Financial and Corporate Events:

– In July 2011, Ophir completed a US$383.9 million listing on the Main Board of the London Stock Exchange

– 2011 year end cash balance of US$396.6 million

– Recommended offer to acquire AIM-listed Dominion Petroleum Ltd expanding the Group’s East African portfolio, completed in February 2012

– Nine well drilling campaign in 2012 ; preparations underway for a planned twelve well campaign in 2013.

Nick Cooper, CEO, Ophir Energy said: “2011 was a transformational year for Ophir. The Group successfully completed a $384mm IPO during a period of difficult market volatility. The Group has since joined the FTSE 250 and has commenced the busiest operational program in its history with a nine well program in 2012.

After the acquisition of Dominion Petroleum Ltd, Ophir’s East African portfolio position has grown such that the Group is now the largest acreage holder in the fast evolving offshore East African play.

This compliments the Group’s extensive portfolio of interest in West Africa and enables Ophir to be an active driller on both sides of the continent in 2012 and beyond. Looking into 2013, early stage preparations are already underway for a further twelve wells across our core countries.The Board looks to the future with confidence and excitement.”

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LNG World News Staff, March 21, 2012; Image: Ophir