African oil explorer listed on the London Stock Exchange in July,since then it's been on a rather tumultous ride(downwards hitting low 180's in early August).
Having heard the name in association with comments such as well run, capable management, interesting African exposure several years ago it piqued my interest when an IPO was announced. It came and went whilst I was on holiday so, fortunately, didn't pursue an active interest - did any stockopedes invest at the outset?
“Ophir has 17 licences comprising several ‘play types’. These prospects are found in Tanzania, Madagascar, Cong (Brazzaville), Senegal/Guinea Bissau, Equatorial Guinea, Gabon, Saharawi ADR, Somaliland .
Latest Annual Report at:
Latest Presentation at:
While it has made a number of discoveries – in Tanzania(Aex's neighbour?) and in Equatorial Guinea – many of Ophir’s assets are un-proven oil frontiers.
The IPO funds are apparently earmarked for an eleven well drill programme (lasting 18 months) which sounds pretty active.
8th August: Holding in Company: - Mittal Investments S.a.r.l. 16.015%
23rd August 2011: Ophir Energy rises amid sector rally
Stock Targets pencilled in by various houses range from 290p (JPM) to 510p(CS)
I see that it is up 4.4% today to 235, so well off it's lows for August. But still someway off the JPM price target.
Being one who focuses more on underlying commodity type / geographical exposure when determining my investments in the resource sector (the mix of licences sees interests in a variety of African nations so the assets all not in one basket approach springs to mind) rather than engaging in the in depth analysis of P2/P10/P50 reserves because there are far more knowledgeable and capable people out there on this front, I thought I'd mention this company in passing to see where it all takes us.
I commend this very basic summary to the house.....
Filed Under: Oil & Gas,