Petroleum Africa
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Monday, June 15, 2015
Ophir Energy issued an update on its audited reserves and resources as of December 31, 2014. The independent reserves and resources reports support the previous management estimates, with combined net 2P and 2C resources of over 1 billion boe. This is broken down to certified net proven and probable reserves (2P) of 59.6 million boe and certified best estimate of contingent resources (‘2C’) of 950 millionboe. Some of those reserves come from the company’s holdings in Africa.
Bill Higgs COO of Ophir said, “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.65,000boepd 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.”
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