Alan Booth, currently a non-executive director, has been named interim CEO and executive director, Ophir said. Most recently, Cooper initiated a proposed acquisition of Santos Ltd (Dusseldorf: STS1.DU - news) 's Southeast Asian assets. However, the company has struggled to secure $1.2 billion in bank loans needed to fund the Fortuna deepwater liquefied natural gas (LNG) project in Equatorial Guinea, forcing it to push back first production to 2022. This week, Equatorial Guinea's energy minister told Reuters that Ophir would be forced out of the project unless loan deals were presented to the government by December. Ophir's board said it would continue to focus on realising value for shareholders from the Fortuna project and work with Equatorial Guinea on achieving that. However, Morgan Stanley (Xetra: 885836 - news) analyst Sasikanth Chilukuru said in a note that Cooper's departure "adds more uncertainty to the investment thesis, one that is dominated by the Fortuna FLNG project".
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Friday, May 18
Date: 18 May 18 Time: 16:22
Date: 18 May 18 Time: 10:43
Ophir Energy PLC (LON250:OPHR) article volume is higher than usual
Date: 18 May 18 Time: 10:15
Ophir Energy replaces CEO Cooper amid LNG project delays
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Date: 18 May 18 Time: 09:03
Ophir Energy CEO Steps Down
“Nick will remain an employee of the company at this time and will be leaving the company after a short handover period,” Ophir said in a company statement. Alan Booth, currently a non-executive director of the company, has been appointed as interim chief executive officer and executive director, until a new chief executive officer is appointed. Ophir said the decision to appoint a new chief executive officer “reflects the company’s ongoing move to rebalance its portfolio towards a larger production and cash flow base, to support more focused and sustainable exploration activity”. Prior to joining Ophir, he was chief financial officer and co-founder of Salamander Energy plc. WHAT DO YOU THINK?
Date: 18 May 18 Time: 08:34
Ophir Energy (OPHR) Given “Hold” Rating at Peel Hunt – Enterprise Leader
Peel Hunt restated their hold rating on shares of Ophir Energy (LON:OPHR) in a research report report published on Monday morning. Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ophir Energy and related companies with MarketBeat.com's FREE daily email newsletter. Deutsche Bank cut their target price on shares of Ophir Energy from GBX 100 ($1.36) to GBX 85 ($1.15) and set a buy rating on the stock in a research note on Thursday, March 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock.
Date: 18 May 18 Time: 08:04
Ophir Energy Chief Executive Nicholas Cooper To Step Down
LONDON (Alliance News) - Oil and gas company Ophir Energy PLC said on Friday Chief Executive Officer Nicholas Cooper will step down form his role with immediate effect, but will remain with the company temporarily to ensure a smooth handover. The look for a new chief executive reflects Ophir's strategy to rebalance its portfolio towards larger production, and support more sustainable exploration activity, the company said. Cooper has been chief executive at Ophir since 2011, joining from Salamander Energy PLC, where he was chief financial officer for six years from 2005 to 2011. "On behalf of the board, I would like to thank Nick very much for his service to the company.
Date: 18 May 18 Time: 06:31
Ophir Energy CEO Cooper to step down
May 18 (Reuters) - Ophir Energy Chief Executive Officer Nicholas Cooper will step down with immediate effect, the Asia- and Africa-focused oil producer said on Friday. Alan Booth, currently a non-executive director of the company, has been named interim CEO and executive director, Ophir said. Cooper (Taiwan OTC: 6401.TWO - news) , who has served as CEO for nearly 7 years, led the company's IPO in 2011, its sale of part of its interest in Tanzania in 2013, the acquisition of Salamander in 2015 and most recently, the proposed acquisition of Santos Ltd (Dusseldorf: STS1.DU - news) 's Southeast Asian assets. (Reporting by Arathy S Nair in Bengaluru; editing by Jason Neely). What to read next.
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Tuesday, May 15
Date: 15 May 18 Time: 14:58
Kosmos to Acquire Interest in EG-24 Block From Ophir Energy
Per the accord, Kosmos is expected to obtain 40% non-operated interest in the block and cover Ophir Energy's costs on a block-wide 3D seismic survey during the first exploration period. Notably, the company's operations in these blocks can provide infrastructure tie-backs to the Block EG-24 project, if required. Investors interested in the Energy sector can opt for other top-ranked stocks in the same space like Nine Energy Service, Inc. NINE and CNOOC Limited CEO, both sporting a Zacks Rank #1 (Strong Buy). Click to get this free report Kosmos Energy Ltd. (KOS) : Free Stock Analysis Report CNOOC Limited (CEO) : Free Stock Analysis Report Ophir Energy Plc (OPHRY) : Free Stock Analysis Report Nine Energy Service, Inc. (NINE) : Free Stock Analysis Report To read this article on Zacks.com click here.
Monday, May 14
Date: 14 May 18 Time: 13:12
Exclusive: Equatorial Guinea may strip Ophir of LNG project due to finance delays
(Reuters) - Equatorial Guinea will force Ophir Energy (OPHR.L) out of the company's flagship liquefied natural gas (LNG) project and may scrap it entirely unless long-delayed financing deals worth $1.2 billion are presented to the government by December. The ultimatum is a blow to UK-listed Ophir, which has set aside $150 million of its own cash to develop west Africa's first deepwater LNG project, Fortuna, by 2022 despite the firm's lack of a track record in LNG and small balance sheet. Lima said another option is to scrap Fortuna and instead pipe gas from Block R into an existing land-based LNG project on Bioko Island, 150 km (95 miles) southwest. ICBC wants the project's planned annual output of 2.2 million tonnes sold to China National Offshore Oil Corp (0883.HK), as well as for engineering, procurement and construction (EPC) contracts for the project to be handed to state-backed companies, the sources said. As the world's biggest energy consumer transitions from coal to gas, Chinese lenders are stepping up investments in LNG projects, using loans as hooks to secure LNG and drum up business for construction interests.
Date: 14 May 18 Time: 11:08
Ophir Energy Enters Into Equatorial Guinea Farm-Out Deal with Kosmos Energy
Ophir Energy plc announced Monday that it has entered into a farm-out agreement with Kosmos Energy for the EG-24 exploration license in Equatorial Guinea. In consideration Kosmos will fully carry Ophir for the cost of a block-wide 3D seismic survey during the first exploration period of the license. Kosmos will also partially carry Ophir for the cost of a well, if the partners subsequently elect to drill a well in the second period of the license, and the company will also pay its pro-rata share of past costs. “Kosmos is a logical partner for us in EG-24 as its team have considerable prior experience of the Rio Muni Basin,” Nick Cooper, Ophir Energy CEO, said in a company statement.
Key Stats & Ratios
|Quaterly Earnings Growth||N/A|
|Quaterly Revenue Growth||82.00%|
|Revenue per share||0.27|