Ophir Energy will 'significantly downsize' its London operations

13th Sep 2018 15:27

(Sharecast News) - Ophir Energy will "significantly downsize" its presence in London ahead of its transitioning into being an Asia-led firm.Ophir will move its headquarters to Asia in order to support the firm's new cash generative production and development-focused strategy rather than exploration based opportunities.The London-listed firm also revealed that it was in the process of appointing a new Asia-based chief executive.For the six months ended 30 June, the firm revealed production of 11,400 barrels of oil equivalent per day - "marginally ahead" of expectations.Ophir generated $102m in revenue, a 15% uptick on the previous quarter's tally; however, the firm was hit with $358.0m of impairments and write-offs.All in all, Ophir's losses ballooned to $333.25m from the $39.1m loss recorded a year earlier.As of 1530 BST, Ophir shares were flat on 38p.