Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksOPHR.L Share News (OPHR)

  • There is currently no data for OPHR

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Ophir Energy Increases Debt Facility After South East Asia Asset Buys

Wed, 12th Dec 2018 09:25

LONDON (Alliance News) - Oil & gas firm Ophir Energy PLC said Wednesday it has increased and extended its debt facility after the acquisition of assets in south-east Asia.

Ophir increased its reserved-based lending facility by USD100 million to USD350 million. In addition, the maturity of the debt was extended by a 18 months to the end of 2025. This restored the seven-year maturity of the initial debt facility.

The increase follows the acquisition of a bundle of assets in south-east Asia from Australian oil & gas firm Santos Ltd for USD205 million in September. This saw production assets in Vietnam and Indonesia and exploration assets in Malaysia, Vietnam and Bangladesh join its portfolio.

The new extended facility will be secured against its newly-acquired assets.

The facility funds will be used to fully repay the 18 month bridge facility that Ophir signed in August to fund the Santos asset buy.

"We are pleased with the ongoing strong support of our relationship banks, evidenced by the integration of Santos assets into the company's long-term debt facility," Ophir Chief Financial Officer Tony Rouse said. "Our balance sheet remains strong and we expect to have greater liquidity at year end than previously guided."

Following "strong" production in 2018 and commodity prices ahead of expectations for most of the year, the firm now expects to end the year with USD65 million in net debt. This is after it expects to be USD250 million drawn on the facility by early January.

Ophir had previously guided for USD110 million net debt.

After securing the extended facility, Ophir also expects gross liquidity - that is, total cash and undrawn borrowings - to be USD360 million compared to the previous expectation of USD260 million.

Shares in Ophir were 2.0% higher at 35.80 pence on Wednesday.

More News
19 Jan 2016 07:49

Fastjet Appoints Former Ophir Energy Executive Lisa Mitchell As CFO

Read more
13 Jan 2016 15:23

FTSE 250 movers: Oil prices help market stay mostly in the black

(ShareCast News) - The FTSE 250 was in the black for most of Wednesday, before a sharp fall late in the afternoon sent it into the red. The second-tier market was down 2.79 points (0.02%) to 16,685.12 under an hour before the market was due to close. Oil and gas producers and service providers were

Read more
13 Jan 2016 12:09

LONDON MARKET MIDDAY: UK Retailers In Focus Amid Positive China Data

Read more
12 Jan 2016 17:02

LONDON MARKET CLOSE: Supermarkets Help FTSE 100 Snap Run Of Losses

Read more
7 Jan 2016 14:47

FTSE 250 movers: Worsening conditions sees Poundland pounded

(ShareCast News) - Stocks on the FTSE 250 plunged on Thursday, before recovering somewhat by the afternoon. The second-tier market was down 278.91 points (1.63%) to 16,780.07 by mid-afternoon. Poundland was the market's biggest victim after it said that disastrous trading conditions in November con

Read more
4 Jan 2016 09:40

BROKER RATINGS SUMMARY: Deutsche Bank Upgrades ASOS To Buy From Hold

Read more
30 Dec 2015 13:25

Saudi Arabia to keep up pressure on high-cost producers, oil futures slump

(ShareCast News) - Saudi Arabia would not let up the pressure on high-cost oil producers in a bid to maintain its share of the market, the country's energy minister said on Wednesday. "We will satisfy the demand of our customers. We no longer limit production. If there is demand, we will respond. We

Read more
23 Dec 2015 10:22

WINNERS & LOSERS SUMMARY: Interbulk Shares Double As Takeover Agreed

Read more
14 Dec 2015 16:58

LONDON MARKET CLOSE: Miners Lead Decline As FTSE 100 Ends Down Again

Read more
14 Dec 2015 15:14

FTSE 250 movers: Commodities downturn clobbers midcaps

(ShareCast News) - The FTSE 250 bounced around on Monday with the market in the red by mid-afternoon, down 16.77 points (0.10%) to 16,860.52. The commodities downturn hit a number of FTSE 250 companies on Monday, with Evraz down over 15% by mid-afternoon. Three-month metal contracts were down, with

Read more
9 Dec 2015 08:01

Ophir Slashes Fortuna Costs With Offtake Deals To Contribute To Costs

Read more
7 Dec 2015 14:00

FTSE 250 movers: AO World surges but energy-related stocks slump on oil price

(ShareCast News) - London's FTSE 250 was up 0.3% to 17,417.09 at 1430 GMT, tracking broader gains as equity markets recouped last week's losses. Shares in AO World surged on Monday after the online electrical appliance retailer said fund manager Ruane, Cunniff & Goldfarb has taken a 5% stake in the

Read more
1 Dec 2015 09:36

BROKER RATINGS SUMMARY: Citi Downgrades Babcock To Sell From Neutral

Read more
27 Nov 2015 17:02

LONDON MARKET CLOSE: FTSE 100 Dragged Down By Shanghai And Commodities

Read more
25 Nov 2015 15:16

PRESS: Ophir Energy Receives Informal Interest - Bloomberg

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.