Preliminary Results for the year ended 31 December 2012
London, 4 March 2013: Ophir Energy Plc ("Ophir" or the "Group") announces its preliminary results for the full year ended 31 December 2012.
2012 Financial and Corporate Events
Successfully completed acquisition of Dominion Petroleum Limited (Dominion) in February 2012; added assets to Ophir's portfolio in Tanzania (Block 7) and Kenya (Blocks L-9 and L-15)
Continued focus on capital discipline; 896 MMBOE of net contingent resources discovered at finding cost of US$0.58/BOE
Placed 30.5 million shares in April 2012, raising US$242 million to part-finance Ophir's ongoing exploration programme
Net cash position at year-end of US$228 million
2012 Operational Milestones
Drilled six exploration and two appraisal wells, with 100 per cent success rate
Increased net contingent resources by 896 MMBOE (377%), from 210 MMBOE to 1.106 BBOE
Acquired ten new seismic programmes and four new deepwater licenses, covering 13,000km2 and 17,916 km2 respectively; reaffirmed Ophir's position as sixth largest net acreage holder offshore Africa
Following acquisition of Dominion, Ophir is now the largest independent oil and gas exploration company in terms of net acreage in the deepwater East African play
Continued to focus on optimising and rationalising the asset portfolio, acquired Dominion, sold DRC asset and commenced Uganda exit
Continued to operate to the highest HSE standards; 100% drilling rate with no lost time incidents
