Source - SMW
Ophir Energy said it had "reached financial stability", while forecasting flat annual production in 2018.

Average daily production was expected to be level in 2018 at approximately 11,500 barrels of oil equivalent per day, with all of the production assets expected to produce at similar rates to that in 2017.

The estimate took into account the continuing unpredictability of offtake nominations from Sinphuhorm, the company added.

"Ophir has reached financial stability," chief executive Nick Cooper said.

"We ended 2017 in a strong financial position with increased gross liquidity and considerable discretionary capital available for investment."

"A proportion of this is earmarked for the Fortuna project but we still retain capacity to invest elsewhere in our portfolio to generate significant cash flow growth."

"Our core Asia business is delivering solid, profitable growth. Our 1bn boe of discovered resources offer asymmetric upside and our under-levered balance sheet provides the means to deliver."


At 9:27am: (LON:OPHR) Ophir Energy share price was -1.6p at 74.4p