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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ophir Energy Plc | LSE:OPHR | London | Ordinary Share | GB00B24CT194 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 57.50 | 57.40 | 57.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMOPHR
RNS Number : 9531B
Ophir Energy Plc
07 April 2017
7 April 2017
Ophir Energy plc
Annual Financial Report
As required by DTR 6.3.5(3), Ophir Energy plc ("Ophir" or the "Company") announces that its Annual Report, Notice of Annual General Meeting ("AGM") and Form of Proxy for the 2017 AGM have been published and (excepting the Form of Proxy) are now available on the Ophir website: www.ophir-energy.com. This follows the release on 9 March 2017 of the Full Year Results Announcement for the year ended 31 December 2016.
In compliance with 9.6.1 of the Listing Rules, the Company has today submitted copies of the following documents to the National Storage Mechanism and these will shortly be available for inspection at www.morningstar.co.uk/uk/NSM
-- Annual Report and Accounts for the year ended 31 December 2016 -- Notice of 2017 AGM -- Form of Proxy for the 2017 AGM
The Ophir Annual Report will be delivered to the Registrar of Companies in due course. Copies of the Annual Report and Notice of AGM may also be obtained from the:
General Counsel & Company Secretary
Ophir Energy plc
Level 4
123 Victoria Street
London SW1E 6DE
Tel: +44 (0) 20 7811 2400
The AGM will take place on 17 May 2017. The total of the votes cast by shareholders for or against or withheld on each resolution to be put to the meeting will be released to the market and published on www.ophir-energy.com as soon as practicable after the conclusion of the AGM.
The Disclosure and Transparency Rules ("DTR") require an announcement of the publication of certain information in full unedited text in compliance with DTR 6.3.5(2). As such the following disclosures are made below, referencing page numbers and notes to those in the accounts in the Company's Annual Report.
Audit Report and Accounts
The Full Year results announcement on 9 March 2017 included a set of condensed, financial statements and management commentary. The audited financial statements are contained in the Ophir Annual Report and Accounts. The independent Audit report of the Group and Company are contained on pages 79 to 86.
For further enquiries please contact:
Ophir Energy plc +44 (0)20 7811 2400
Philip Laing, General Counsel & Company Secretary
Geoff Callow, Head of Investor Relations & Corporate Communications
Brunswick Group +44 (0)20 7404 5959
Patrick Handley
Wendel Verbeek
Appendices
Appendix A
The following list of principal risks is extracted from pages 14 to 19 of the Annual Report and Accounts and is repeated here solely for the purpose of complying with DTR 6.3.5.
Principal Risks
Ophir works in often challenging, complex and uncertain environments that present a potential risk to our objectives; to counter this we maintain robust and effective risk management as an integral part of our decision-making.
The key elements of Ophir's risk management are to:
-- establish the risk context with reference to Ophir's strategic business objectives. -- conduct a risk assessment through:
o understanding the causes, impacts and likelihood of risk events
o assessing if the risks can be reduced to a tolerable level and are consequently within the acceptable constraints of the Group's risk appetite. This process informs us of where the risk event lies on Ophir's risk matrix
o determining appropriate controls to deal with the risk, allocating responsibility for managing risk controls and executing activities based on plans and procedures
-- regularly communicate and consult on the risks through established management control procedures
-- recurrent monitoring and review of our risks
The principal risks that have been identified within the Group are summarised as follows:
Hot Features
Premium
Risk Description of Objective/Control Responsibility Change
risk
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Compliance General No
breach * The Group conducts business in jurisdictions that * Top down leadership of the Group's values. Counsel change
have been allocated low scores on Transparency & Company
International's "Corruption Perceptions Index" and Secretary
where changes in the regulatory and legislative * A strong Code of Conduct that all employees and
environment are possible. contractors are expected to follow.
* Ethical wrongdoing and non-compliance, or failure to * A Group Anti Bribery and Corruption Policy in place.
accurately report our data can lead to litigation
against the Group which could materially impact our
strategy. Potential impacts could be: * Compliance training conducted across the Group.
o Reputational * Due diligence carried out on counterparties and in
damage leading contract management.
to withdrawal of
support by shareholders,
governments, lenders * Anti-bribery and corruption provisions in agreements.
and/or co-venture
partners.
o Litigation and * Compliance controls and actions reviewed by the Board
regulatory action and its Committees.
leading to penalties
and business disruption
from investigation * Annual employee sign-off confirming observance of the
leading to unplanned Code of Conduct and relevant ethical policies and
cost impact. standards.
o Loss of assets,
PSCs and projects.
o Prosecution. * A 'Letter of Assurance' signed off annually by
management.
* Primary controls to be monitored as a key leading
indicator during 2017.
* All material information released to the market on a
timely basis and in accordance with all applicable
regulations.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Adverse Chief No
market * The sector continued to be depressed through 2016 and * NAV/share growth is our key metric and we will Financial change
sentiment there remains a limited appetite for oil and gas benchmark against this more explicitly going forward. Officer
towards investments.
the E&P
sector * Deliver an appropriate capital structure to
* The impact can negatively affect project value and internally fund core exploration and appraisal
modelling. activities from the addition of production assets and
monetisation of resources to generate sustainable
cash flow.
* Ensure that commercial terms on new acreage reflect
the changing landscape and involve minimal financial
commitments with options to exit early.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Political Director Up
* The Group operates in jurisdictions that are subject * Regularly monitor and seek to understand changes - Security
to significant political, economic, legal, regulatory taking place in political and regulatory and Surface
and social uncertainties. environments. Risk
* The impacts can affect the safety of our people, * Work to the highest industry standards with
operational continuity and lead to a loss in value regulators, closely monitoring compliance with the
and uncertain financial outcomes. Group's licence and PSC obligations.
* Seek to reduce exposure by maintaining a diverse
portfolio.
* Maintain positive relationships with governments and
key stakeholders in host countries.
* Ensure appropriate legal agreements are in place to
protect our interests.
* When reviewing new positions/ acquisitions, evaluate
and compare the potential political risks within the
portfolio.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Stakeholder Director No
sentiment * Actual or perceived failure to address socio-economic * Pursue a shared value approach to support sustainable - Security change
development, environmental issues or corporate development goals and achieve a mutually-beneficial and Surface
responsibility matters in the regions where we and constructive relationship with stakeholders. Risk
operate may adversely affect the Group.
* Conduct all business in an ethical, responsible,
* This may impact our reputation, lead to loss of apolitical and transparent manner.
investor confidence and loss of our licence to
operate.
* Monitor public sentiment towards the Group and its
operations.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Global Director Up
economic * We are exposed to a variety of changes in the macro * Regularly review how external risks impact the - Commercial
volatility environment around global affairs and international Group's strategy and remain agile to change. and Planning
economics that are leading to greater global economic
uncertainty.
* Re-engineer value chains where appropriate to improve
margins.
* Slower global demand and weaker prices for major
commodities are dampening growth prospects.
* These changes can impact the operating and regulatory
situation.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Low Chief No
commodity * There were oversupply and demand concerns through * Reflect the effects of 'lower for longer' in Financial change
price 2016 and we anticipate a 'lower for longer' forecast. strategic planning. Officer
* This can lead to loss of value and have an adverse * Continue to review the Group's cost structure and
effect on revenue, margins, profitability and cash make sure it reflects the lower oil price
flow. environment.
* Re-work economics of development plans to reflect
downside sensitivities of oil price scenarios.
* Selectively exploit low service costs resulting from
the drop in the oil price.
* Pursue acquisition opportunities that seek to protect
shareholder value and sustain exploration.
* Manage balance sheet strength.
* Only invest in high-quality assets below the shale
threshold with transformational potential, minimal
commitments, and fiscal terms that enable value
creation.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Climate Director Up
change * The global ambition to limit mean temperature rise to * Climate change will remain on the Board's strategic - Security
below 2 C above pre-industrial levels will agenda going forward. and Surface
potentially require significant and sustained Risk
reductions in fossil fuel emissions.
* Understanding of the implications of a '2-degree
world' for the business and what actions to take
* It is hard to predict what changes in laws, across a range of areas.
regulations and obligations relating to manmade
climate change will be, but they may increase costs,
reduce value and constrain future opportunities. * Systematically track trends to provide commercial
foresight on how quickly the world is moving toward
decarbonisation.
* Continue to report our emissions and climate change
strategies through CDP.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Divestment Director No
* The divestment environment through 2016 was difficult * Continued focus on increasing NAV/share. - Commercial change
and in the short term is likely to remain so. and Planning
* Monitor and tailor projects to fit the macro
* The main potential impact for Ophir is our inability environment.
to successfully divest assets at an acceptable price
and/or time.
* Maximise transparency with equity buyers.
* Contingency planning and preparedness to change the
course of action as situations change.
* Capital selectively directed at those assets which
offer the highest risk-weighted returns.
* Appropriate balance between growth by exploration and
acquisition.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Investment Director No
decisions * The Group may not be able to identify appropriate * Investments are not dictated by production or Africa - change
expansion opportunities or be able to manage such reserves growth targets; instead each investment is Global New
expansion effectively. assessed on an IRR and materiality basis. Ventures/
Director
Asia
* Focus on growing a revenue-generating business to
fund exploration activities and minimise the overall
cost of capital.
* Allocate capital to the highest return opportunities
following rigorous risk/reward analysis.
* Risk assessment and due diligence process undertaken
on all potential new country entries and
acquisitions.
* Endeavour to transact at the most appropriate time to
create value for shareholders.
* Continue the momentum on the Fortuna FLNG project and
achieve FID in mid-2017.
* Facilitate buyer access/relationships with host
governments.
* Ongoing strategic objective to capture high-quality
exploration acreage.
* Pace our exploration and high-grade the plays. We
will not rush to drill.
* Continue to build a portfolio of low-cost
opportunities with defined exit options for investors
in order to decide whether or not to progress to the
next phase of exploration.
* Manage risk with partners in existing assets and new
ventures.
* Only continue to hold and progress assets if they can
demonstrably create substantial value for
shareholders.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Health, Director Up
Safety * Oil and gas exploration, development and production * Ophir has rebuilt its exploration portfolio in Africa - Security
and can present challenging operational environments and and Asia with and
Environment exposure to a wide range of health, safety, security Surface
(HSE) and and environmental risks. Risk
Security high quality operated
incident positions where Ophir
* Our most significant risks are: has competitive
advantage, where drilling
commitments are minimised
o The potential and where the fiscal
loss of hydrocarbon regime allows material
containment caused value creation at current
by integrity failure, prices
human error, natural * This approach enables Ophir to manage the exploration
disasters or other risk by high grading plays in prospective acreage;
unforeseen events. this focuses attention (and ultimately drilling)
o The risk of harm solely on the most prospective plays
to our workforce
during transportation.
* Major Health, Safety, Security or Environmental * Ongoing strategic objective to execute operations
events could lead to regulatory action and legal safely and with excellence.
liability, including penalties, increased costs and
potential loss of our licence to operate.
* Commitment to maintaining robust health, safety,
security and environmental management, and procedures
in place to respond to unexpected events that could
have a direct impact on the Group and the communities
in which we work.
* Comprehensive HSE and operations management systems
including emergency response and oil spill response
capability in place.
* Active security monitoring and management.
* Learn from Group and third-party incidents.
* Use of leading indicators.
* Contracting and procurement process ensures
suitably-qualified contractors are employed to meet
Ophir's requirements and industry best practices.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Exploration Director Down
success * Successful exploration and/or appraisal is * Generate leads and mature top-ranked prospects. - Subsurface
fundamental to the purpose of our business and value
creation for shareholders.
* Board's Technical Advisory Committee reviews
subsurface risk and there is a robust peer review
* Persistent lack of success would lead to a loss of process embedded within the Group.
investor confidence and ultimately the failure of the
business model.
* Application of technical excellence and use of
appropriate technologies in exploration
methodologies.
* Review of new opportunities without impacting focus
on strategic core growth areas.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Inability Chief No
to fund * Failure to forecast and work within our financial * Ongoing strategic objective to optimise the use of Financial change
exploration structure could impact our liquidity and lead to an our capital by capturing highest commercial returns Officer
work inability to deliver the business plan. on our assets and exploration opportunities.
programmes
* Gas discoveries may require the Group to invest in * Regular review of cash flow, working capital and
LNG development projects which require long lead funding options, and prudent approach to budgeting
times and material investment in receipt, processing and planning, to ensure we have sufficient capital to
and transportation infrastructure and the marketing meet commitments.
of LNG.
* Effective portfolio management via farm-outs/asset
* The Group's business will require significant capital sales as appropriate.
expenditure and the future expansion and development
of its business could require future debt and equity
financing. The future availability of such funding is * Budgets are focused on high and medium ranked
not certain. assets/projects to deliver value creation and to
ensure the Group can live within its means.
* Revenues, profitability and cash flows concentrated
in a small number of producing assets. * Formalised annual budget process and ongoing monthly
reviews and analysis of actuals.
* The Group may face the possibility of future
decommissioning costs that it cannot accurately * Board approval of Annual Work Programme.
predict.
* Diversify the sources of funding and apply prudent
* Inability to access internal or external funding levels of debt to development and production
activities.
------------ ------------------------------------------------------------ -------------------------------------------------------------- --------------- -------
Appendix B
The following responsibility statement is extracted from the Statement of Directors' responsibility on page 78 of the Annual Report and Accounts and is repeated here solely for the purpose of complying with DTR 6.3.5. This statement relates to the full Annual Report and Accounts and not the extracted information presented in the Full Year Results announcement.
Responsibility Statement of the Directors in respect of the Annual Report and Accounts
I confirm on behalf of the Board that to the best of their knowledge:
-- the financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit and loss of the Company and the undertakings included in the consolidation taken as a whole; and
-- the Strategic Report and Directors' Report include a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
Directors' statement under the UK Corporate Governance Code
The Board considers that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and that it provides the information necessary for shareholders to assess the Company's performance, business model and strategy.
Approved by the Board on 8 March 2017.
Nick Cooper
Chief Executive Officer
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSEAFLXEFLXEFF
(END) Dow Jones Newswires
April 07, 2017 07:17 ET (11:17 GMT)
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