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GMP FirstEnergy kept “hold” advice on Ophir Energy while arguing that the explorer is “ripe for a takeover”. It named Premier Oil, Genel Energy and Soco International as logical buyers at the right price. Schlumberger this month pulled out of Ophir’s joint venture over the Fortuna gas project in Equatorial Guinea, which faces a December deadline to finalise the development plan or lose the licence.

“With Fortuna at risk, the company’s strategy is in shambles,” said GMP. “Looking at the company through the eyes of a predator, Ophir’s resources lack scale for a major or a national oil company (NOC). With limited visibility on non-NOC Chinese buyers, we have therefore focused our analysis on other international exploration and production companies. We do not find the shares particularly cheap and therefore believe that a paper deal (with at best a small premium) would be more likely than a cash deal. Under such circumstances, there would need to be a very clear strategic fit with a potential buyer, or the acquisition would need to address a specific situation that a potential buyer is facing.”

Genl mentioned in an article in the Financial Times today as one of the candidates who may buy Ophir Energy?

Any thoughts?

Jan 2016, oil sitting at $28 / Ophir had falling down to 85p but very well financed, fast forward to now, oil at $77.50 and Ophir at 53.1p and an empty bank account to boot!
If the board had tried to bugger up this company they couldn't have done a better job.
They should just put us all out of our misery and sell this dog of a company cheaply .

Hi Email, They have to sort out: 1. Fortuna 2. Find a new CEO 3. Acquisition of the Santos. Just one of these would be a big job!

The board has 3 major issues on going right now. They must come out with some sort of update now or we are only going in one direction. It's almost if they don't think that there's any problem?

Just read a quote on Friday from BMO Capital Markets that sums up what the market thinks of the chances of Fortuna materialising: He questioned the ability to find a funding solution ahead of the expiry of the Block R production sharing contract at the end of this year, giving an estimated 15% chance of the Fortuna project going ahead based on Ophir�s share price. The scenarios going forward are: 1. They find a new big hitting partner for Fortuna. (hopefully but Unlikely) 2. They get bought over by a big hitter. (Unlikely) 3. The board start to sell some of the Assets. (Possible) 4. The board wait until Dec then announce that a partner couldn't be found, the share price hits around 20p then they try to rebuild the company from there. (most likely)

There seems to be a lot of optimism on here. I think I may be in a different stock? Going down around 30% in a couple of weeks and it can't even eck out a small rise when the oil is rising today?. This is only going one way until the clowns on the Board bring some sort positive news out. Cooper was hopeless but he was not the only one making the decisions the rest are still there!!!

I was the same, I'm only still in here because of Nick Cooper telling everyone that would listen that it was just about there with the deal!! I was going to sell up and go in to PMO but he came out with, (finance was at advance stage) so I decided to stay put. He should have been shown the door months ago.

I've been in this stock for years now and it's never stopped going down since I first bought into them!!! The board must start to think about the owners of the company they work for and put a stop to the collapse of the share price. they are the only people with the power to do so.

I hope you're right, but nobody's been sniffing around this for years. I just don't see this company and its assets been that attractive to the big boys? I would take kind of good news now tho!

I don't think this week's news was a surprise to anyone! It hasn't felt right for a long time. What is important now is that the board sorts this mess out one way or another now, dragging this out for so long has brought this company to its knees.! If they had scrapped this at the turn of the year we would have got over the initial shock and be benefiting from the rise in the oil like the rest of our peers.

They haven't managed to get this sorted out with years to do it and now they have to almost start from scratch and get it all completed in a few months!!! Oh and get themselves a new CEO as well. I hope they can solve these problems pronto, one way or another?

It had to happen but the timing could have been better! A change in Jan would have given the board a year to sort out the finance for Fortuna.

The new CEO temp or not should be coming out with some sort of statement?

It has been a couple of days since Nick's exit and I'm still not sure what's going to happen with this company? It feels like it's sitting on a knife edge and could go either way? I've held shares in Ophir for around 4 years and it's ridiculous that I still don't know if this company is going to be a success or not. Does anybody have thoughts on what's next for Ophir?

I was going to go but backed out last min! Would like to known what uncomfortable questions the board are getting fired at them?

Exclusive - Equatorial Guinea may strip Ophir of LNG project due to finance delays. https://uk.reuters.com/article/uk-equatorial-guinea-ophir-energy-lng-ex/exclusive-equatorial-guinea-may-strip-ophir-of-lng-project-due-to-finance-delays-idUKKCN1IF1PZ

It must be time to bring in some new face on to the board and get rid of some! Someone had said that they are taking FTSE 100 salaries and returning nothing. I don't know why the major shareholders are allowing this to continue? The price of this stock as done nothing but crush over the last 5 years. We must be the only oil company that isn't benefiting for the oil recovery!!!

WHAT THE HELL?

https://energy.economictimes.indiatimes.com/news/oil-and-gas/tanzania-seeks-consultancy-service-provider-for-delayed-lng-project/63755929 A little bit of movement in Tanzania?