Hub
18 May 2018
Re: Nick Cooper Steps Down Nick and team generated a huge amount of value for Ophir shareholders. His efforts and theirs should be applauded. I wonderful success story.However... after pocketing close to a billion on Tanzania 'part' sale, Nick and team went on an exploration phase which delivered duster after duster. EG being the exception. The salamander acquisition was poorly timed and over priced. All the good work gradually wasted. Tanzania asset alone is worth more than market cap but Nick and team were handcuffed on that due to Shell/BG and Tanzanian gov woes.I'm not sure HICk's departure is going to help too much as the bulk of management under his reign are still very much there. But if it means that there is one more vote on the board that swings a deal in various directions, then sobeit.The danger now is that Nick's head on a platter is the price that has been paid for a 'failed' Fortuna deal. He had long enough to secure a deal and told the market is was imminent on several occasions.It's possible that Golar and others involved just want the entire asset lock stock and barrel but getting this done via M&A is nigh impossible without a full takeover as EG would be Ophir's main asset as Tanzanian assets are devalued by Shell to help with BG taz case.Ophir cannot be sold lock stock and barrel as a fair price for Tanzania cannot be determined. However, should Shell be the potential purchases of Ophir... then there are clear benefits for them. They can write down the Tanzanian asset value while adding a premium for EG. A sneaky way to save millions in tax on Tanzania gov whilst also acquiring a very tasty EG development.mmmHUB
CharlieHarper
18 May 2018
Re: Nick Cooper Steps Down Who really wants control of this asset/company should reveal themselves pretty quickly now...the 3 largest shareholders...[link] of luck
PDMSlad
18 May 2018
Re: Nick Cooper Steps Down Plus let's not forget the additional phases and there are still additional exploration targets just in block R.FFS someone get it over the line!
PDMSlad
18 May 2018
Re: ...like drawing teeth... Which is nuts given they are sitting on approximately 1 billion barrels in oil and oil equivalents and the industry is on the up again.It can all change pretty quickly though, we just a finance guy to get the Fortuna deal sorted, the sooner the better.
CharlieHarper
18 May 2018
Re: Nick Cooper Steps Down You get paid the big buck's to have a crystal ball in this game...the next guy's contacts should tell a story.The end or the beginning...E/G flng is such a massive $ resource going forward for another 20-30 years no wonder there's a bun fight.FID signed could see 150 - 200p added to the sp as current sp has no resource value attached.best of luck
rickyroman
18 May 2018
...like drawing teeth... ....would someone please hang a large For Sale board over this company,Amusingly, over on the other boards, people saw a hug uptick in the price coming - Nope, it plummeted and the nightmare which is Ophr, drags on..
dagoswot
18 May 2018
cooper not before time...now lets get fortuna done
PDMSlad
18 May 2018
Nick Cooper Steps Down Hope the new man gets this finance for Fortuna done quickly18 May 2018 Ophir Energy plc("Ophir" or the "Company"
Nick Cooper to Step Down as Chief Executive Officer The Board of Ophir (the "Board" announces that, by mutual agreement, Dr Nicholas (Nick) Cooper the current Chief Executive Officer and Executive Director, has stepped down from the Board with immediate effect. Nick will remain an employee of the Company at this time and will be leaving the Company after a short handover period. Mr 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. Nick's achievements while Chief Executive Officer have been considerable and include leading the Company through a successful IPO in 2011, realising value through selling part of its interest in Tanzania in 2013, the acquisition of Salamander in 2015 and, most recently, the proposed acquisition of Santos' South East Asian assets. Under Nick's leadership, the Company has evolved from being a frontier deepwater explorer to a financially strong business supported by a robust production base. This 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 focussed and sustainable exploration activity. The recently announced Santos acquisition is an important step in this direction. The Board will strengthen management operational capabilities to deliver this strategy, alongside continuing its plans to realise value from Ophir's substantial discovered gas resources. The Board continues to focus on realising value for shareholders from the Fortuna Project, and will continue to work with the Government of Equatorial Guinea to develop this important resource. Commenting, Bill Schrader, Chairman of Ophir, said:"On behalf of the Board, I would like to thank Nick very much for his service to the Company. Nick was appointed CEO in 2011 when Ophir was a frontier explorer. Today, we have a production-focussed business model, exemplified by the proposed Santos transaction. This positions the company well for the future and provides a great platform to Nick's successor. We wish Nick all the very best for the future. In Alan Booth, we have an excellent Interim CEO with the relevant operational experience." Nick Cooper said:"I have thoroughly enjoyed my seven years at Ophir and am proud of what we have achieved together. Ophir has transformed from a high risk, frontier explorer to a sustainable, balanced, upstream company. A solid platform has been built for new leadership to take the Company forward. I wish the staff, Board and shareholders of Ophir all the very best for the future." Background on Alan BoothA geoscientist by background, Mr Alan Booth was, until 2005, Managing Director of EnCana UK Ltd with bottom line accountability for EnCana's UK business. From a standing start in 1997 as a new UKCS entrant Alan was responsible for both building and leading an effective operating and exploration team that acquired an initial UKCS production base in the Scott and Telford fields from BP in 1999, later becoming a production Operator following the purchase of Hess' interests in the field. In 2001 EnCana discovered and subsequently developed the 220kbbls/day, 800 million bbl Buzzard Field, eventually selling EnCana UK Ltd to Nexen Corporation for $2.1 billion in 2005. Following the sale of EnCana UK, Alan and a number of his former colleagues established a new company, EnCore Oil Limited, eventually listing on AIM in 2006. EnCore was subsequently involved in a number of commercial discoveries, most notably in 2010 the EnCore operated Catcher Area Fields, and in 2012 the company was sold to Premier Oil in a cash or share alternative transaction, which valued EnCore at £265 million. Alan has been a Non
Shotry
17 May 2018
Re: a close above 62 I've increased my position today at around 66. It'll be interesting to see what happens at around 68 which is currently the price of the descending tl resistance. I'm hopefull that it will break through that and head up to 75/76 area.
PDMSlad
17 May 2018
Nice start to the day Ticking up nicely, somebody know something we don't?
CharlieHarper
16 May 2018
Re: Equatorial Guinea 'may scrap' Fortun... Hi Pfrustrating news, i'm sure after the initial delay you pointed out Schlumberger maybe wanted a bigger piece of the pie which makes sense as you don't have a mkt cap around $100bn by not getting your own way.Something has to give, finance sorted, sell, smaller piece of the pie, run out of time, run out of cash...this deal would give the company a solid footing in the sector going forward but its tough out there.[link] of luck
PDMSlad
16 May 2018
Re: Equatorial Guinea 'may scrap' Fortuna LN... How many peoples arris's have dropped out with this news?Is this a shake the PI's out of the tree moment?
PDMSlad
16 May 2018
Re: Equatorial Guinea 'may scrap' Fortuna LN... Morning CH, you did call it, is this down to Schlumberger who have previous form do you think?It really is a trifling sum in the world of oil and gas so Nick needs to come clean and name names or get it done.
PDMSlad
16 May 2018
Re: Equatorial Guinea 'may scrap' Fortuna LN... A warning shot across the bows if ever there was one.What a shambles, they've done all the hard work and have a world class asset ready to go but a piddling $1.2 billion is the hold up.It's chicken feed given the asset.
CharlieHarper
16 May 2018
Equatorial Guinea 'may scrap' Fortuna LNG "Equatorial Guinea will force Ophir Energy out of the company’s flagship liquefied natural gas 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 mines and hydrocarbons, told Reuters. Ophir declined to comment. Ophir’s licence to the gas fields in offshore Block R expires in December."[link] a hurry up warning i'm sure no need to worry about getting your fingers burned liebchen just so you understand.best of luck
