Ophir Energy plc (OPHR.L) announced capital raising to part-finance an expanded 2012/2013 Exploration Programme and intends to place up to 30.5 million new ordinary shares of 0.25 pence each. The placing is being conducted via. an accelerated bookbuild.
The proceeds from this placing would be used to finance a significant portion of the company's expanded 2012-2013 African exploration programme, which would allow Ophir to maintain its current equity position in the Block 1, 3, 4 JV with BG while we continue to investigate the world-class potential of this asset base. Also, the company plans to introduce industry partners into its operated East African positions during the second half of 2012 and are preparing for an first quarter 2013 East African programme on its operated acreage in Block 7, East Pande and L-09.
Chief Executive Officer stated, "Ophir's East African acreage is characterised by relatively high net equity stakes for a mid-cap independent. The Company holds a 40% non-operated stake in Blocks 1, 3 and 4 with BG; and stakes of 60-90% in our operated Block 7 and East Pande (Tanzania); Blocks L-09 and L-15 (Kenya)."
Ophir looks forward to a 2012-2013 programme of 22 high impact wells aiming more than 9 TCF plus over 1.3 BbbL of net, unrisked, recoverable resources.
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