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Ophir releases operations and trading update

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LNG Industry,

Ophir has released an update on its trading and operations for the six-month period ending 30 June 2018.

Alan Booth, Interim CEO of Ophir, shared the following comments:

“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.”

“Each of these priorities is precisely aligned with our near-term strategy to become a self-sustaining business. We will continue to rebalance our portfolio towards a stronger production base and higher cash flow generation in order to give ourselves a broader opportunity set no matter how the external environment evolves. The Santos assets grow and diversify our production base and mark an important step towards achieving cash flow sustainability.”

“We are keen to continue to grow production and will remain alert to potential inorganic growth opportunities when they are consistent with our strategy. We are, of course, especially conscious that our Fortuna licence expires at the end of this year; however, we remain determined to deliver value both to our shareholders and the government of Equatorial Guinea.”

“Our search for a new CEO is making good progress and a number of highly experienced and qualified external candidates have been identified. The Board will of course provide further updates as and when appropriate.”

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