Ophir Energy Plc Annual Financial Report -3-
16 April 2015 - 1:23PM
UK Regulatory
* A dedicated drilling project manager and Contracts
and Procurement (C&P) Manager ensure a clear
contracting strategy and project plan are produced
early in the procurement planning stage.
------------ ------------- ----------------------------------------------------------------- -------------------- ------------
Financial Inability Director of UP
to fund * Regular review of cash flow, working capital and Finance
exploration funding options, and prudent approach to budgeting
work and planning, to ensure sufficient capital to meet
programmes commitments.
------------ ------------- ----------------------------------------------------------------- -------------------- ------------
Counterparty Director of NO
credit risk * Close monitoring of all trade debtors which are Finance CHANGE
subject to internal credit review.
------------ ------------- ----------------------------------------------------------------- -------------------- ------------
Cost and Director of NO
capital * In the present oil price environment Ophir is focused Finance CHANGE
spending on preserving its balance sheet and during 2014 and
into 2015 there has been an increased focus on cost
management and capital allocation. Whilst the Company
doubled the physical size of its exploration
footprint in 2014, it has secured new acreage without
any commitment wells, which maintains balance sheet
flexibility.
* Optimise and protect Ophir's capital by capturing
highest commercial returns on assets, prioritised its
capital expenditure to protect its balance sheet and
reduce its cost structure.
* A formalised annual budget process and ongoing
monthly reviews of actuals to budget analysis.
Delegation of authority, approval processes and C&P
procedures.
* Board approval of Annual Work Programme.
------------- ----------------------------------------------------------------- -------------------- ------------
Interest Director of NO
rate * Cash balances are primarily held in US Dollars to Finance CHANGE
and foreign provide a natural hedge to reflect that the majority
exchange of the Company's business is managed and conducted
risk using US Dollars. Small balances are retained in
other currencies for operating and administrative
needs.
* Cash balances are held in current or short-term
deposits.
* Further details on principal financial risks are
addressed in Note 20 on page 119 in the Company's
consolidated financial statements.
------------ ------------- ----------------------------------------------------------------- -------------------- ------------
C: Statement of Directors' Responsibilities in relation to Group Financial Statements
The Directors are responsible for preparing the Annual Report
and the Group financial statements in accordance with applicable
United Kingdom law and regulations. Company law requires the
Directors to prepare Group financial statements for each financial
year. Under that law, the Directors are required to prepare Group
financial statements under International Financial Reporting
Standards (IFRSs) as adopted by the European Union. Under Company
Law the Directors must not approve the Group financial statements
unless they are satisfied that they give a true and fair view of
the state of affairs of the Group and of the profit or loss of the
Group for that period. In preparing the Group financial statements
the Directors are required to:
-- present fairly the financial position, financial performance and cash flows of the Group;
-- select suitable accounting policies in accordance with IAS 8:
Accounting Policies, Changes in Accounting Estimates and Errors and
then apply them consistently;
-- present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
-- make judgements that are reasonable;
-- provide additional disclosures when compliance with the
specific requirements in IFRSs as adopted by the European Union is
insufficient to enable users to understand the impact of particular
transactions, other events and conditions on the Group's financial
position and financial performance; and
-- state whether the Group financial statements have been
prepared in accordance with IFRSs as adopted by the European Union,
subject to any material departures disclosed and explained in the
financial statements.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group's
transactions and disclose with reasonable accuracy at any time the
financial position of the Group and enable them to ensure that the
Group financial statements comply with the Companies Act 2006 and
Article 4 of the IAS Regulation. They are also responsible for
safeguarding the assets of the Group and hence for taking
reasonable steps for the prevention and detection of fraud and
other irregularities.
The Directors are also responsible for preparing the Strategic
Report, Directors' Report, the Directors' Remuneration Report and
the Corporate Governance Statement in accordance with the Companies
Act 2006 and applicable regulations, including the requirements of
the Listing Rules and the Disclosure and Transparency Rules.
Responsibility Statement of the Directors in respect of the
Annual Report and Accounts
I confirm on behalf of the Board that to the best of their
knowledge:
-- The financial statements, prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union, give a true and fair view of the assets,
liabilities, financial position and profit and loss of the Company
and the undertakings included in the consolidation taken as a
whole; and
-- The Strategic Report and Directors' Report include a fair
review of the development and performance of the business and the
position of the Company and the undertakings included in the
consolidation taken as a whole, together with a description of the
principal risks and uncertainties that they face.
Directors' statement under the UK Corporate Governance Code
The Board considers that the Annual Report and Accounts taken as
a whole, is fair, balanced and understandable and that it provides
the information necessary for shareholders to assess the Company's
performance, business model and strategy.
Approved by the Board and signed on their behalf
Nick Cooper
Chief Executive Officer
18 March 2015
For further enquiries please contact:
Ophir Energy plc +44 (0)20 7811 2400
Nick Cooper, CEO
Geoff Callow, Head of Investor Relations & Corporate
Communications
Brunswick Group +44 (0)20 7404 5959
Patrick Handley
Marleen Geerlof
Notes to Editors
Ophir Energy (OPHR.LN) is an, upstream oil and gas exploration
company which is a member of the FTSE 250. The Group's headquarters
are located in London (England). Ophir has a large portfolio of
assets across Africa and Asia.
For further information on Ophir, please refer to
www.ophir-energy.com
This information is provided by RNS
The company news service from the London Stock Exchange
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