London-based Ophir Energy reported a 58 percent jump in its 2018 revenue as the production doubled.
The company said on Tuesday that revenue hit $298 million, which compared to $189 million in 2017.
Production, taking into account the acquisition of assets from Santos, reached 29,700 boepd which compares to 11,800 boepd.
Commenting on the results, Ophir’s interim CEO Alan Booth said, “The most significant achievement being the doubling of our production and cash flow through the acquisition of a South East Asian asset portfolio from Santos.”
He added that the company recently completed operations on its first exploration well in Mexico, in Block 5. The well encountered oil and gas and the results were broadly in line with the company’s pre-drill expectations. Further drilling will be required to establish commerciality within the block.
However, Booth said the company is in advanced discussions with a third party in respect of a cash sale of its Block 5 position.
At the start of 2019, Ophir received notification that its Block R license in Equatorial Guinea will not be extended.
The company’s board has also recommended the Medco Energi offer of 55p per share.