Ophir Energy Forecasts 16% Rise in 1st Half Revenue

By Oliver Griffin 
 

Ophir Energy PLC (OPHR.LN) said Thursday that revenue in the first half of 2018 is expected to be 16% higher than the previous-year period, citing higher-than-expected commodity prices and above-forecast production.

The oil-and-gas exploration company said revenue for the six months ended June 30 is forecast at $102 million, up from $88.3 million last year.

The company said that average daily production during the first half of the year was 11,400 barrels of oil equivalent a day, above previous forecasts.

Cash flow from production in the first half of 2018 is forecast to be $43 million. Ophir Energy said cash flow from production for the whole year, on a proforma basis including assets it is acquiring from Santos Ltd. (STO.AU), is forecast at $190 million.

Production for the full year is forecast at 11,500 barrels of oil equivalent per day, rising to 25,000 barrels on a proforma basis including the Santos acquisition, the company said.

Write to Oliver Griffin at [e-mail]

(END) Dow Jones Newswires

July 12, 2018 04:31 ET (08:31 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.