Ophir first half production beats expectations
StockMarketWire.com - Oil firm Ophir Energy produced more oil and gas than expected in the first half of 2018 at 11,400 barrels of oil equivalent per day.
Revenue is expected to come in at $102m, while cash flow of $43m is expected to hit $190m by the end of the year on a pro forma basis to include assets being acquired from Santos.
Year end net debt is forecast to hit $135m.
Alan Booth, interim CEO of Ophir, commented: 'Since stepping in to the role of interim CEO, I have defined three clear and immediate priorities for our teams to deliver: 1) Continue to manage our existing production operations safely and efficiently; 2) Explore every avenue to create value from our Fortuna FLNG project; and 3) Complete the Santos acquisition and integrate these assets effectively and efficiently into our organisation.'
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