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Rebalancing Our Business ANNUAL REPORT AND ACCOUNTS 2018 Ophir Energy plc Annual Report and Accounts 2018 Rebalancing our business HIGHLIGHTS 29,700 $11. 67 boepd Average daily production1 per boe Operating costs 1 On a proforma basis accounting for the Santos acquisition from effective date of 1/1/18 $298m $720m Revenue Pre-tax loss $17. 21 $35m per boe Net cash flow generated from Net debt/(cash) at period end operating activities $391m Gross liquidity at period end CONTENTS Strategic report 02 Governance report 38 Financial statements 79 Strategy Corporate Governance introduction 38 Independent Auditor’s report 79 Q&A with the Chief Executive Officer 02 Board of Directors 40 Consolidated income statement and Rebalancing our business 06 Corporate Governance report 42 statement of other comprehensive income 87 Market overview 10 Report of the Audit Committee 48 Consolidated statement of financial position 88 Our business model and strategy 12 Report of the Corporate Responsibility Committee 54 Consolidated statement of changes in equity 89 Key Performance Indicators 14 Report of the Nomination Committee 56 Consolidated statement of cash flows 90 Principal risks 18 Report of the Technical and Reserves Committee 58 Notes to the financial statements 91 Company statement of financial position 127 Performance Directors’ Report 60 Company statement of changes in equity 128 Operating review 22 Directors’ Remuneration report Company statement of cash flows 128 Financial review 28 Chairman’s Annual Statement on Remuneration 62 Notes to the financial statements 129 Corporate Responsibility 32 Directors’ Remuneration Policy 64 Annual Report on Remuneration 71 Responsibility statement of the Directors in respect Supplementary information 145 of the Annual Report and Accounts 78 Statement of Directors’ responsibilities in relation Shareholder information 145 to the financial statements and Annual Report 78 Glossary 148 REBALANCING OUR BUSINESS 01 We’re rebalancing our Company portfolio to focus on a larger Asian production base, with the aim of building a stable, REPORT STRATEGIC self-financing E&P company. Read more about how our Asian focus is reflected in our GOVERNANCE REPORT REPORT GOVERNANCE Santos acquisition, above target production and exploration opportunities. FINANCIAL STATEMENTS STATEMENTS FINANCIAL SUPPLEMENTARY INFORMATION SUPPLEMENTARY Santos 6-7 acquisition Production 8-9 performance 02 QUESTIONS & ANSWERS WITH ALAN BOOTH Q&A With Alan Booth Our focus going forward is to build a strong, cash generative production base which will serve as a platform to support both further growth and shareholder returns. The addition of the new production assets in Vietnam and Indonesia was a first step Alan Booth in this direction. We also took Interim Chief Executive Officer steps during the year to move the corporate headquarters to Asia, which reflects both the strategic direction of the business and a continued focus on cost optimisation. Ophir Energy plc Annual Report and Accounts 2018 03 01 02 03 How would you summarise Why the change of strategy? What, for you, are the greatest a year of a lot of activity? I think it has been an evolution to this point. strengths of the business? I would summarise it by saying that we Ophir was traditionally an equity funded I would point to the strength of our entered the year with a solid, but sub-scale, exploration business but with the acquisition production and development portfolio, and production portfolio with a lot of risk of Salamander Energy in 2015 we added that is down to the quality of our operations concentration for cash flow around the production and cash flow. team in Asia. It is often overlooked but the Bualuang field. We also had a lot of However, until 2018 we were still adding uptime from our production operations has exploration commitments in high risk to the exploration portfolio and the Board been first class whilst maintaining an areas and question marks over the decided that in order to maximise cash excellent HSE record and fostering strong future of the Fortuna project. generation, and be in a position to relationships with local stakeholders. We are continually improving our HSE processes and We end the year having doubled and potentially start returning capital to REPORT STRATEGIC this culture delivered over 3.5 million man diversified our sources of production and shareholders, we needed to further expand hours incident free in 2018. I have also been cash flow, prioritised a reduction in our our production base and lower our impressed by the safety culture in the new exploration commitments, and with clarity exploration commitments. It was this desire Indonesian licences. These strengths are over the Fortuna project, though that did to be a lean, cash generative business that essential building blocks for an E&P company not work out as we had hoped. I think we are drove the strategic decisions taken during the as they maintain our licence to operate. now a much more focused, cost effective year. The Board took the decision that to company that will generate free cash have a viable, long-term future we needed to increase our cash generation. flow and have much greater discretion REPORT GOVERNANCE over future investment decisions. The Santos acquisition was a great opportunity to pick up a high quality asset base and double our cash flow. We then also took various difficult but necessary measures such as reducing overhead through the closure of the London office and reviewing our exploration portfolio to remove capital commitments. STATEMENTS FINANCIAL SUPPLEMENTARY INFORMATIONSUPPLEMENTARY MEDCO ENERGI GLOBAL AGREEMENT In January 2019 the Board of Ophir reached Ophir well for the future as an independent agreement with Medco Energi Global for business. However, the Board believes that the recommended acquisition of the entire the offer from Medco provides Ophir’s issued share capital of Ophir for a cash shareholders with certain, upfront value for consideration of 55 pence per share. The the future cash flows and therefore believes Board believes that following the acquisition it is in the best interest of all shareholders. of the assets from Santos, and the changes Should the transaction not close, then it announced in the strategic update in we take comfort that – as outlined in September 2018, it has established a cash this report – there is a viable business generative production base that positions that we can build from going forward. Annual Report and Accounts 2018 04 QUESTIONS & ANSWERS WITH ALAN BOOTH CONTINUED 04 05 07 The Santos acquisition was Talking of the move to Asia, What is the status of your clearly a big strategic move – how is that going and what search for a new CEO? can you tell us more about are the plans? The process was at an advanced stage that please? As the business transitioned to a greater and we had two shortlisted candidates when, We have looked at many opportunities focus on our Asian P&D assets, we felt it was in October, we were approached by Medco to grow our production over the past few appropriate from both a cost management Energi with regards to a potential offer years but it was difficult to find the right and a strategic perspective to move the for the entire company. Given the lack of combination of factors to enable a deal to HQ to Asia. clarity we were able to offer the potential candidates on the future of the Company be completed. This includes a willing buyer The plans are at an advanced stage and we and seller aligned in their expectations, we decided to hold this process until we have consulted with all of our employees in had completed the discussions with Medco. quality assets that have a low breakeven the London office. There will be a phased cost and the available finance to complete downsizing until September when we will be If the Medco transaction does not close, the transaction. left with a small, corporate office in London. it will be a priority to restart this process. These assets are ones we have looked at I would like to take this opportunity to thank 08 for some time. For various strategic reasons all Ophir employees for their efforts in It must have been disappointing Santos was prepared to sell them and we building the company that we have today. became the preferred bidder through our that you were unable to ability to offer certainty of completion, 06 progress the Fortuna project and being able to move quickly enough What does the pivot to Asia in Equatorial Guinea? to meet the seller’s timeline. and focus on P&D mean for We have worked extremely hard, and with The assets have performed better than we the rest of the business? considerable creativity, over the past few could have hoped and, due to a combination years to try and find a means to monetise Our only remaining assets in Africa now of higher than budgeted commodity prices the gas discovered in the Block R licence. are our stakes in Blocks 1 and 4 in Tanzania. and production outperformance, we have Ultimately we were unable to secure These could potentially be hugely valuable already recouped half of the acquisition cost. a partner to finance the project before in years to come and it is costing us less licence expiry at the end of 2018. There is further growth potential in the East than $5 million a year to retain this option. Java PSCs, and the Meliwis development We entered the year confident of closing out Elsewhere, we reviewed, and continue to and Paus Biru exploration success will create a project with OneLNG, a joint venture with review, our exploration portfolio, including incremental value not included in our asset Schlumberger and Golar. In May, the Board our position in Mexico, to see if we could valuation at the time of acquisition.
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