Ophir revenue climbs almost 70 pct

UK-based Ophir Energy, the developer of the Fortuna FLNG project in Equatorial Guinea, on Thursday reported a 69.5 percent rise in first-half revenue, boosted by higher commodity prices.

Revenue rose to 88.3 million in the January-June period from 52.1 million a year earlier.

Ophir’s pretax loss from continuing operations for in the period under review narrowed to $45.6 million from $69.6 million a year ago.

Production during the first half of 2017 averaged 11,300 barrels of oil equivalent per day.

Ophir said this was 1,600 barrels below forecasts due to lower than expected production from its two gas assets.

“Our priorities in 2017 are achieving the Fortuna FLNG Project FID and realising incremental value across our operated production base. Fortuna has made significant progress in the first half of 2017 and now has one primary milestone outstanding: namely the project financing,” said Nick Cooper, Chief Executive of Ophir

Once this is achieved, we will seek shareholder approval and the formal decree from the President of Equatorial Guinea,” added Cooper.

 

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