TIDMOPHR

RNS Number : 8382P

Ophir Energy Plc

11 June 2015

11 June 2015

Ophir Energy plc

Independent Reserves Report

Ophir Energy plc ("Ophir") provides an update on its audited reserves and resources as at 31 December 2014. The independent reserves and resources reports support the previous management estimates. Combined net 2P and 2C resources as at 31 December 2014 were over 1 billion barrels of oil equivalent. This is broken down to certified net proven and probable reserves ("2P") of 59.6 million barrels of oil equivalent ("MMboe") and certified best estimate of contingent resources ("2C") of 950.0 MMboe. In Q1 2015 daily production averaged c.15,500 boepd. The findings of the reserves reports are summarised below:

Statement of 2P Reserves(1)

 
                                                             2P Reserves 
                                                  Gross               Net Working Interest 
                                        -------------------------  ------------------------- 
    Asset        Country      Working     Oil      Gas     Total     Oil      Gas     Total 
                              Interest 
                                         (MMbo)   (Bcf)   (MMboe)   (MMbo)   (Bcf)   (MMboe) 
   Bualuang      Thailand      100%       24.9      -      24.9      24.9      -      24.9 
  Sinphuhorm     Thailand      9.5%       2.7     850.8    144.5     0.3     105.6    17.9 
 Kerendan(2)    Indonesia       70%       1.7     122.6    24.0      1.2     85.8     16.8 
 
           Total                          29.3    973.4    193.4     26.4    191.4    59.6 
--------------------------  ----------  -------  ------  --------  -------  ------  --------

(1) As per report by RPS Energy

Statement of 2C Resources(3)

 
                                                                     2C Resources 
------------------  ------------  ----------  --------------------------------------------------------- 
                                                          Gross                 Net Working Interest 
                                              ----------------------------  --------------------------- 
       Field           Country      Working     Oil       Gas       Total     Oil       Gas      Total 
                                    Interest 
                                               (MMbo)    (Bcf)     (MMboe)   (MMbo)    (Bcf)    (MMboe) 
     Bualuang         Thailand       100%       15.5       -        15.5      15.5       -       15.5 
    Sinphuhorm        Thailand       9.5%       2.8      652.3      111.5     0.4       81       13.9 
     Dong Mun         Thailand       27.2%       -        90.4      15.1       -       24.6       4.1 
    Kerendan(2)       Indonesia       70%       2.2      159.6      31.2      1.5      111.7     21.8 
 West Kerendan(2)     Indonesia       70%       0.9      313.2      57.8      0.6      219.2     40.5 
     Blocks 1 
        & 4           Tanzania        20%        -       15,030     2,505      -       3,006     501.0 
                     Equatorial 
    Block R(4)          Guinea        80%        -      2,649(5)    441.5      -       2,119     353.2 
 
              Total                             21.4    18,894.5   3,177.6    18.1    5,561.7    950.0 
--------------------------------  ----------  -------  ---------  --------  -------  --------  --------

(2) RPS has estimated net entitlement volumes for all the Asian assets. Kerendan and West Kerendan are governed by a PSC in which case Ophir's net entitlement volume is less than the reported WI

(3) Asian assets as per report by RPS Energy / African assets as per report by ERC Equipoise

(4) Probabilistically aggregated for the FNLG project

(5) This number excludes 816 Bcf of low risk gross prospective resource (653 Bcf risked) that is included in the base planning case for Fortuna FLNG

Bill Higgs, Chief Operating Officer of Ophir commented:

"These audited figures confirm that, at over 1 billion barrels of oil equivalent, Ophir's net 2P plus 2C resource base is one of the largest in the European mid-cap sector.

The updated reserves and resources certification highlights the long life nature of our producing assets which will generate material cash flow to fund our exploration objectives. We have plans to convert a substantial portion of our 2C resource base to 2P in the next 12 months. This contingent resource base provides line of sight on a production profile that, if we maintain current equity interests, would see over 40% of the contingent resources on-stream and Group production at c.65,000 boepd in 2020.

We have delivered steady average production for the first quarter of 2015 and production has continued to be reliable during the integration of the Salamander assets into Ophir."

Ends

For Further Enquiries please contact:

Ophir Energy plc +44 (0)20 7811 2400

Nick Cooper, Chief Executive Officer

Bill Higgs, Chief Operating Officer

Geoff Callow, Head of Investor Relations

Brunswick Group +44 (0)20 7404 5959

Patrick Handley

Carolina Desmeules

This information is provided by RNS

The company news service from the London Stock Exchange

END

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