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Ophir Energy first-half revenue surges on higher commodity prices
September 14, 2017 / 6:54 AM / in 2 months

Ophir Energy first-half revenue surges on higher commodity prices

(Reuters) - Oil and natural gas producer Ophir Energy Plc (OPHR.L) on Thursday reported a 69.5 percent rise in first-half revenue, helped by higher commodity prices.

Brent crude prices LCOc1 have averaged $52.68 in the six months to June 30, compared with $41.21 in the same period last year.

The company said in July it will cut about 15 percent of its global workforce to save an estimated $10 million to $12 million a year.

Ophir said the Bualuang oil field in Thailand, its most cash-generative asset, is expected to produce more in the second half of 2017.

“Going forward capital will be allocated to existing opportunities in Indonesia and Thailand that increase short-term cash flow,” the company said.

The London-based company, which has most of its producing assets in Asia, however reiterated its full-year production forecast of about 12,000 barrels of oil equivalent per day. Ophir Energy said its pretax loss from continuing operations for six months to June 30 narrowed to $45.6 million from $69.6 million, a year ago.

Revenue rose to $88.3 million from $52.1 million, last year.

Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Sunil Nair

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