Ophir Returns to Profit and Cuts Spending

Reuters

LONDON, March 19 (Reuters) - Oil explorer Ophir Energy , which completed the acquisition of rival Salamander Energy this month, returned to profit last year and said it would cut spending by $250 million over two years to deal with low oil prices.

The London-listed company reported a full-year operating profit of $294.4 million, compared with a $307.6 million loss the previous year, as it benefited from selling stakes in some of its Tanzanian fields.

Ophir, whose main assets are in Africa, said its capital expenditure would be $250-300 million this year, adding that a commitment of only $100 million in exploration and appraisal capex until 2017 put it in a strong financial position.

(Reporting by Karolin Schaps; editing by Jason Neely)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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