Oil and gas producer Ophir reported an increase in revenue in 2017 to
The operating loss for 2017 was
General and administrative costs decreased to
Ophir's net assets at the end of 2017 stood at
Ophir is "disappointed" the Fortuna project did not reach a final investment decision in 2017, but it will continue to work to secure the funding in 2018.
"2017 saw Ophir take important steps to adapt and right-size the business, meet key operational targets and replenish our exploration portfolio," said Chief Executive Officer Nick Cooper.
"In 2017 we have grown reserves by 13%, increased net funds flow from production by 46%, reduced gross G&A by a further 17%, increased liquidity by
Production during 2017 averaged 11,700 barrels of oil equivalent per day, which Ophir said generated net funds flow from production of
Production at the Bualuang oil field in
The Kerendan gas field in
Cooper commented: "Our 2018 priorities are threefold: to deliver the Fortuna project final investment decision; to further monetise our significant contingent resources; and to grow production and cash flow.
Ophir operates a long life, low cost production base and has a strong balance sheet. We sanctioned a fourth phase of development on our Bualuang oil field which will grow production in 2018-19, agreed an increased gas price on our Kerendan field and are in negotiation to double production from this asset by 2020."
He added: "The group is well-positioned to take advantage of the opportunities that this down cycle has presented by growing our cash flows and capturing excellent options in proven hydrocarbon systems, as shown by our recent block awards in
Ophir Energy shares were down 2.4% at
