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Ophir Energy looks to 2012 with confidence – MoneyWeek

Meanwhile,thelossbeforetaxwasmoreoflessflatat$19。

08m(2010:$19。

28m)ashigherrevenuewasoffsetbyrisingexplorationandadministrationexpenses。

Thecompanycompleteda$384minitialpublicoffering(IPO)inJuly,whichassetagainstabackdropofturbulentcapitalmarketsandrelativelylowlevelsofnewequityissuance。

OphirsaiditendedtheyearasthebestperformingIPOstockfor2011。

Cashinflowwas$306。

7m,comparedtoanoutflowof$45。

4matDecember31st2010。

Thegrouphadnodebt,unchangedfromthepreviousyear。

Thegroupscashpositionstoodat$396。

6mattheyear-end,mainlyfromthefundsraisedfromtheIPO。

Thesewillgotowardsitsplannedactivitiesfor2012,butthegroupsaiditwillneedadditionalfundingforforecastexpenditurebeyondthisperiod。

2012OUTLOOKISPROMISING

InFebruary,thecompanycompleteditsrecommendedoffertoacquiredAIM-listedpeerDominionPetroleum,whichwassoughttoexpanditseastAfricanportfolio。

Ophirnowboaststobethelargestacreageholderinthefast-evolvingoffshoreeastAfricanplay。

Earlierthismonth,OctantEnergyannounceda$65mplacinginCanadatofundafarm-intoOphirsMadagascar,DemocraticRepublicofCongo(DRC),UgandaandSomalilandacreage。

ThisisexpectedtoremovesignificantcapitalexpenditurerequirementsforOphirsnon-coreassets。

JefferiessaidthatthekeyadvantageofthetransactionisthatitwillallowOphirtocontinuetousealmostallofitscapitaltoitscoreassets。

Aninewelldrillingcampaignisplannedfor2012,andthegroupsaidthatpreparationsareunderwayforaplanned12-wellprogrammein2013。

OphirsChiefExecutiveOfficerNickCoopersaidthattheboardislook[ing]tothefuturewithconfidenceandexcitement,astheoilandgasindustrysfocusonAfricanexplorationhasrisendramaticallyin2011andearly2012。

ThepaceofactivityonboththeEastAfricanoffshoregasplayandtheWestAfricanpre-saltplayhaveincreasedasmajoroilcompanieshaveenteredtheregionandmadesignificantdiscoveries,thecompanysaid。

Sincelistinglastyear,thestockhasalmostdoubledandisnowtradingontheFTSE250。

Sharesfelltoalowof184。

5pshortlyafteritsIPO,butarenowtradingclosetotheirhighsat424。

2p。

Thecurrent52-weekhighis440。

8p。

BC

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