Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Ophir on operational high despite 2013 losses

Tanzania President Hassan has expressed support for progress at the country's LNG sector, following a botched reshuffle at TPDC.

UK-based explorer Ophir Energy posted losses of almost £150million after disappointing results from its African exploration campaign.

Exploration write-offs in Ghana, Madagascar, Congo and Kenya and below-estimate cash flows from Tanzanian block 7 and the Offshore Senegal and Guinea Bissau Joint Development Zone (AGC) saw the firm post a $245.8million (£148.5m) for 2013.

But the firm closed the year on $666.7million of net cash and short-term investments, after raising $837.6million through share placing.

Successful exploration and appraisal programme in Tanzania’s blocks 1,3 and 4 increased its contingent reserves’ by 254million of barrels of oil estimate (boe), while the firm also secured the Vantage Titanium Explorer drillship to deliver the 2013 and 2014 drilling programmes across its West and East African contracts.

“2013 saw the company continue its operational progress,” said Nick Cooper, chief executive of Ophir Energy.

“This progress demonstrates the benefits of our strategy of creating shareholder value through the exploration and appraisal phase of the industry investment cycle and then realising that value at the appropriate time.

“We have entered 2014 well financed to deliver the most extensive exploration programme in the Ophir’s history; targeting wells in Tanzania, Gabon and Equatorial Guinea. This programme will include several new plays, which, if successful, have significant follow on potential beyond any initial discovery.”

Meanwhile Ophir said Tanzania’s first planned liquefied natural gas export facility could be expanded by adding a third train, after more gas than expected was discovered by the joint venture with BG Group.

Offshore gas discoveries have been upgraded to 15.7 trillion cubic feet, despite the disappointment of its output from block seven in the country.

The LNG terminal is expected to start shipping gas in 2020; BG Group, Statoil and ExxonMobil are also shareholders.

Recommended for you


More from Energy Voice

Latest Posts