Replacement - Interim Results

Ophir Energy plc

Interim Results for the six months ended 30 June 2011

The following ammedment has been made to RNS 2801N released at 07.00 on 31 August 2011.

·; Period end cash balance of US$65.3m, 31 August 2011 cash balance ca.US$410m

London, 31 August 2011: Ophir Energy plc ("Ophir"or the "Group") announces Interim Results for the six months ended 30 June 2011.

Financial and corporate highlights:

·; On 13 July 2011, the Group completed a successful listing on the Main Board of the London Stock Exchange, raising US$383.9m (post greenshoe)

·; Period end cash balance of US$65.3m, 31 August 2011 cash balance ca.US$410m

·; Appointment of Nick Cooper as Managing Director and Yvonne Holm as CFO

·; Appointment of three new Independent Non‑Executive Directors: Ronald Blakely; John Morgan; and Patrick Spink

Operational highlights:

Tanzania:

·; Completion of three-well operated drilling campaign in Tanzania in April 2011 resulting in three significant gas discoveries: Pweza-1 and Chewa-1 in Block 4 and Chaza-1 in Block 1

·; 5,000km2 of new 3D seismic was acquired on Blocks 1, 3 and 4

·; Second multi-well drilling campaign will commence under the Operatorship of BG in the fourth quarter of 2011

·; Farm in agreement to acquire a 70% operated interest in the coastal East Pande Block situated to the east of Blocks 3 and 4 in Tanzania

Gabon:

·; Farm out with Petrobras in Mbeli and Ntsina Blocks

AGC:

·; Farm out of 8.8% equity to FAR Limited and subsequent farm out of a further 30% equity to Noble Energy Inc.

·; Kora-1 playfinder exploration well completed post balance sheet was plugged and abandoned as an unsuccessful exploration well

Ophir's Managing Director, Dr Nick Cooper commented:

"The first half of 2011 has been a significant period of activity for the Company, with considerable exploration success in Tanzania and progress in capturing new acreage and farming down to high quality partners.Post period end the Company successfully completed the IPO of the business as the largest upstream listing in Europe.

"Ophir is well funded to progress and grow its portfolio and to shortly commence a high impact drilling campaign across what we believe to be a high quality, diversified prospect inventory. The second half of 2011 and 2012 are expected to be an exciting period for the Group."

Enquiries

Further information

Ophir (OPHR.LN) is an Africa-focussed upstream company that listed on the London Main Board in July 2011. The Company is one of the top five deepwater acreage holders in Africa, with a portfolio of 17 assets in eight African jurisdictions. RPS Energy have assessed that the Company has 189MMboe of net contingent resources and 3.9Bnboe of net unrisked prospective resources.

For further information visit: www.ophir-energy.com 

The six months to 30 June 2011 have been a transformation period for Ophir. Operationally, the Group completed its initial three‑well Tanzanian drilling campaign in April 2011 and announced the third consecutive substantial gas discovery. Commercially, the portfolio evolved in the period with a series of farm outs and new block entries in Gabon, AGC (Senegal/Guinea Bissau) and Tanzania.

On 13 July 2011 the Group completed a successful listing on the Main Board of the London Stock Exchange, raising US$383.9 million (post greenshoe) in what was London's largest ever upstream IPO. In preparation for, and in conjunction with the Ophir's migration to full listed status, the Group's Executive team and Board has evolved to reflect the next phase of Ophir's growth.

The IPO has left the Group fully funded to pursue a comprehensive exploration and appraisal drilling campaign of at least 11 wells over the next eighteen months, targeting more than 1.5Bnboe of net unrisked resources.

Board Composition

In the first half of the year, Yvonne Holm and I joined the Group as CFO and Managing Director respectively to work alongside co-founders Alan Stein and Jon Taylor.

At the time of the July 2011 IPO, the composition of the Group's Non-Executive Directors changed to bring the Group into compliance with the Combined Code. The Executive team would like to express our appreciation for the support and efforts of the shareholder representative Directors, Messrs Arun Balakrishnan, Michael Cohen, Jaroslaw Paczek and Mikki Xayiya and their alternates who all resigned from the Board on 7 July 2011.

I am very pleased to welcome three new Independent Non‑Executive Directors, Messrs Ronald Blakely, John Morgan and Patrick Spink, to the Board. Each of our new Directors bring a wealth of upstream oil and gas experience to the Board. In addition, Mr Rajan Tandon remains on the Board as the sole shareholder representative Non-Executive Director, with Mr Jaroslaw Paczek acting as his alternate.

Operations

The Group's three-well operated drilling campaign in Tanzania was completed in early April 2011. Pweza-1 and Chewa-1 were drilled in Block 4 in the Mafia Basin, while Chaza-1 was drilled in Block 1 in the Ruvuma basin. All three resulted in significant gas discoveries. This initial campaign proves working hydrocarbon systems in each of the Blocks 1,3 and 4 that are held by Ophir and its 60% joint venture partner BG and significantly de-risks the project. A further 5,000km2 of new 3D seismic was acquired on these blocks during the period and a second multi-well drilling campaign will commence under the Operatorship of BG in the fourth quarter of 2011. Separately, the Group has increased its acreage in Tanzania by entering a farm in agreement to acquire a 70% operated interest in the coastal East Pande Block that is situated to the east of Blocks 3 and 4.

In Equatorial Guinea promising progress has been made on commercialising the 2008 Fortuna and Lykos gas discoveries and the Group hopes shortly to be in a position to announce a further drilling campaign in Block R later in 2011.

The Kora-1 playfinder exploration well in the AGC was completed on 27 July 2011 and plugged and abandoned as an unsuccessful exploration well. The failure to find viable reservoir facies was disappointing, however the well was the first exploration test of the deepwater Senegal-Guinea Bissau portion of the MSGBC Basin and it will provide valuable data with which to calibrate the stratigraphy of this extensive basin.

2011 Outlook

In Tanzania, the interpretation of the recently acquired 3D seismic in Blocks 1, 3 and 4 has commenced and is expected to further increase the prospect inventory. Simultaneously, planning is underway for a seven‑well drilling campaign that will commence in the fourth quarter of 2011. The upcoming campaign will be managed by our joint venture partner BG, who assumed Operatorship of the project on 1 July 2011.

In addition, the Company intends to acquire 1,000km2 of 3D seismic in the inboard, Ophir operated, East Pande Block in the fourth quarter of 2011. The permit is believed to be prospective for both gas and oil.

Following the successful farm out of the Mbeli and Ntsina permits in Gabon to Petrobras, planning is well advanced for a 2,500km2 3D seismic to be acquired in the fourth quarter. The 3D programme will be designed to target the pre-salt structures previously identified on 2D and gravimetry data. The Group expects that drilling for pre-salt targets will commence in the second half of 2012.

In Equatorial Guinea, the Group is considering a two‑well exploration drilling campaign in the fourth quarter 2011. We are also considering options to accelerate and broaden this drilling campaign.

In summary, Ophir is well funded to progress and grow its portfolio and to shortly commence a high‑impact drilling campaign across what we believe to be a high‑quality, diversified prospect inventory. Despite the current difficult economic environment and troubled capital markets, the second half of 2011 and 2012 are expected to be an exciting period for the Group.

Dr Nick Cooper

Managing Director

30 August 2011

Tanzania

The third well in the initial Tanzanian drilling campaign, Chaza-1 (Block 1) was spudded on 3 December 2010 in 982m of water. The well took longer than originally anticipated due to drilling problems. Drilling continued to a total depth (TD) of 4,933m and the well was plugged and abandoned as the third successful gas discovery. The rig was released on 4 April 2011. There were no LTIs ("Lost Time Incidents") during drilling. The well encountered gas as predicted in a 27m (gross) sandstone within a Miocene channel system. RPS Energy, an independent expert, have assigned 92Bcf (gross) of contingent resources and 382Bcf (gross) of risked prospective resources to the well, which also de-risks several nearby structures.

Seismic acquisition commenced on 17 January 2011 on the Mafia East survey (Blocks 3 and 4) utilising the Fugro "GeoCaspian". This survey was completed on 4 March with 3,250km2 acquired and the "GeoCaspian" then moved to Block 1 where it acquired a further 1,900km2 of data on the Kusini survey. Preliminary data has been loaded and is currently being interpreted.

Transfer of Operatorship of Blocks 1, 3 and 4 to BG commenced during the first half of 2011, and the formal Operatorship Transfer Agreement was signed on 2 June 2011, with BG taking over Operatorship from 1 July 2011. BG now also operate the Mtwara Port facility on behalf of the other participating Operators (Ophir, Petrobras and Statoil). The dynamically positioned semisubmersible rig "Metro-1" has been contracted by BG on behalf of the Joint Venture and is anticipated to arrive in Tanzania during Q4 2011 to commence the second drilling campaign. Contracting for the associated services is ongoing.

Equatorial Guinea

Discussions continued with the Government of Equatorial Guinea (GEG) regarding commercialisation of the Fortuna and Lykos discoveries. The GEG have established a Project Delivery Team which includes representatives from the relevant bodies with the objective of facilitating a second LNG train within EG. A Memorandum of Understanding (MoU) was signed on 31 March 2011 with the other in-country stakeholders committing to support this outcome. A further MoU between Ministry of Mines, Industry and Energy (MMIE) and Ophir, which agrees modified gas‑specific fiscal terms was signed on 3 May 2011. Planning is under way for a drilling campaign during Q4 2011. Consideration is also being given to acquiring additional Controlled Source Electromagnetic (CSEM) data in Block R as a means to de-risk a number of exploration prospects given the positive correlation between the anomaly identified on existing data and the Fortuna Field.

Gabon

In Mbeli and Ntsina, variations were agreed to the PSCs during April such that the current term will end during 2014 allowing sufficient time to acquire the 2,000km2 of new 3D seismic, which forms part of the new commitment work programme. In parallel with this, discussions continued with Petrobras regarding their farm in to the two Blocks and the agreement was finally executed on 16 June. Planning of the 3D seismic is under way and initial approaches have been made to a number of contractors. At this stage it is anticipated that the data will be acquired during Q4 2011. A small office was opened in Port Gentil as required under the PSC terms which will support the renewed activity and a local General Manager will be installed.

In Manga an 18 month extension was agreed to the PSC which will allow for the acquisition of a small (160km2) swathe 3D seismic programme which will allow a better understanding of potential play systems on the flanks of the Loiret Dome. This survey, together with the small 3D survey which is planned over the Pachg Liba prospect, will be acquired at the same time as the Mbeli/Ntsina 3D to increase efficiency. Data will be available in early 2012 and a farminee will be pursued with the intention of providing a carry, should Ophir elect to enter the next term in either block, each of which carry a well commitment.

AGC

Operational planning accelerated early in 2011 for the spud of Kora-1 using the "Maersk Deliverer". The farm out of 8.8% equity to FAR Limited (FAR), was finalised on 17 March 2011 and a further farm out of 30% equity to Noble Energy Inc. (Noble) was completed during June 2011.

The rig was released to Ophir in mid-June 2011 and was mobilised to spud on 28 June 2011 in 2,600m of water. The well was drilled to a total depth of 4,480mRT on 27 July 2011 with no LTIs. The primary (Albian) and secondary (Coniacian and Barremian) reservoir intervals were penetrated close to their anticipated depths, but the well encountered a predominantly claystone and thinly‑bedded limestone sequence, rather than the prognosed sandstone reservoir facies. In the absence of reservoir facies it is difficult to immediately assess the potential presence of hydrocarbons on the available Formation Evaluation While Drilling (FEWD) logging data. A 12 month extension will now be requested to the PSC term and the technical team will carry out a full assessment of the well implications for the Block and also the wider Senegal-Guinea Bissau portion of the MSGBC Basin where Ophir has an option to farm in to FAR's three Senegal Blocks.

Madagascar

The airborne gravimetry data, which had been acquired in October 2010, was processed and interpreted during the first half of 2011. At the time of writing the technical assessment is close to completion and a recommendation will be made to the Board prior to a decision to enter the next period which is due on 9 September 2011.

Somaliland, Congo (Brazzaville), JDZ

A technical assessment of the Berbera Block (Somaliland) was completed during the first half of 2011 and has concluded that prospectivity is limited and requires further seismic data to mature a drilling prospect. In parallel with this, negotiations have been ongoing with the Government of Somaliland (GoS) to revise the terms of the Production Sharing Agreement (PSA) and append some additional open acreage (SL9). These negotiations are ongoing at the time of writing.

Premier, the former Operator of the Marine IX Block in Congo (Brazzaville), notified the JV of their decision to withdraw from the permit in October 2010. During the first half of 2011 the process of transferring Operatorship to Ophir was ongoing and Ophir have assumed the role from 1 May 2011, with Premier's equity being assigned pro rata between Ophir and Kufpec. A 12 month extension to the current PSC term has been requested from the Government in order to carry out a full prospectivity assessment of the block ahead of a decision to enter the next term, which carries a commitment well.

Ophir elected to withdraw from the JDZ PSC in March 2011.

New Ventures

Ophir signed a farm in agreement to the Tanzanian East Pande Block, to the east of Blocks 3 and 4, on 29 March 2011. At the time of writing the Conditions Precedent to the agreement (which require variations to the work programme commitments and/or the duration of the periods) were being finalised and Ophir is preparing to acquire new 3D seismic data in Q4 2011.

Dr Mike Fischer

Chief Operating Officer

30 August 2011

Result for the Period

The Group recorded a profit of US$6.1 million for the half year ended 30 June 2011 (1H June 2010: US$0.4 million loss/Year ended 31 December 2010: US$19.3 million loss). No dividends were paid or declared by the Group during the period.

The profit for the period, which includes exploration expenditure expensed of US$1.1 million, general and administrative costs of US$6.1 million, finance costs of US$0.2 million and other costs of US$0.4 million, was significantly impacted by a farm out gain of US$13.8 million.

Farm Out Gain

The gain on farm out relates to the partial farm out of the Group's AGC Profond interests to Noble prior to spudding of the Kora-1 well in late June 2011. Cash proceeds of US$20 million received from Noble were applied against the Group's carrying value of the AGC project, reducing its book value to nil at 30 June 2011, with surplus proceeds being booked to profit. The Kora-1 well, completed in early August, was an unsuccessful well. In accordance with the Group's accounting policy, the Group's share of well costs which were incurred subsequent to 30 June 2011, of approximately US$15 million, were written off subsequent to 30 June 2011.

Exploration Expenditure

Exploration expenditure comprises pre‑licence exploration costs of US$0.5 million charged directly to the Income Statement, as well as unsuccessful exploration expenditure of US$0.6 million written off in accordance with the Group's accounting policy.

General & Administrative Expenses

General & Administrative expenses, which cover personnel costs including share-based payments charges, administration costs, professional and corporate costs (audit, legal and other professional advisors' costs, Directors' fees) totalled US$6.1 million (1H 2010: US$2.6 million). The result was impacted by 2010 bonuses accrued and payable in 2011 and by additional personnel and administration costs associated with expansion of the Groups operations and planning for the IPO.

Finance Costs

Finance costs for the period of US$0.2 million (1H 2010: US$0.1 million gain) relate to foreign exchange losses arising on the fluctuation of the Group's functional currency, the US Dollar, against other currencies.

Other Expenses

Other expenses of US$0.4 million (1H 2010: US$0.4 million) primarily consist of depreciation and amortisation and relate to the write down of the Group's furniture and equipment and geological databases over their estimated useful lives.

Cash Flow

Overall, the Group expended US$18.8 million (1H 2010: US$14.6 million) in investing activities including US$38.6 million on exploration (1H 2010: US$25.0 million). This was offset by a cash inflow on farm out of the Group's AGC interests to Noble of US$22.0 million (1H 2010: US$25.1 million outflow net of farm out proceeds of US$11.8 million).

Operating activities consumed cash of US$2.2 million (1H 2010: US$5.9 million) and a further US$3.5 million (1H 2010: Nil) was spent on activities associated with the Group's IPO, which completed in July 2011.

The net cash outflow of the Group for the half year was US$24.5 million (1H 2010: US$20.4 million), leaving cash and cash equivalents held by the Group at period end totalling US$65.3 million.

IPO & Future Developments

On 13 July 2011 the Group completed a capital raising and its shares were admitted to the Main Board of the London Stock Exchange. The Group issued 94,135,334 new shares raising a total US$375 million (£235 million). An over-allotment of 2,216,546 shares were issued on 8 August 2011 raising approximately a further US$8.9 million (£5.5 million). As the majority of the Group's expenditure is incurred in US Dollars, the bulk of the proceeds of the capital raising were immediately converted to US Dollar on receipt of IPO capital raising proceeds.

The share issues mean the Group is now fully funded and well placed to pursue an active and aggressive exploration and appraisal drilling campaign over the next twelve to eighteen months.

Going Concern

The financial position of the Group, its cash flows, liquidity position and borrowing facilities, and its business activities, together with the factors likely to affect its future development, performance and position are set out in this Business Review and in the Group's 2010 Annual Report on pages 4 to 24. In addition, note 26 to the 2010 Financial Statements includes the Company's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk.

The Company has considerable financial resources. As a consequence, the Directors believe that the Company is well placed to manage its business risks successfully.

The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Commitments and Contingent Liabilities

In acquiring its oil and gas interests, the Group has pledged that various work programmes will be undertaken on each permit/interest. The exploration commitments are tabulated in note 10 to the Financial Statements on page 21 and are an estimate of the minimum expected cost of performing these work programmes.

As at 30 June 2011 the Group did not have any contingent liabilities.

Risk Management

The Executive Directors continually monitor the Group's risk exposures and report to the Audit Committee and Board of Directors on a six monthly basis or more frequently as required.

The principal risks of the Group remain as detailed on pages 22 to 23 of the 2010 Annual Report and are summarised as follows:

Government Stability: Political risks in the jurisdictions within which the Group operates

Operational Risks: Discovery risk, no current production, oil and gas price risk, drilling risks, unexpected events

Strategic Risks: Capital intensive business, competition for acreage, reliance on key personnel

Specific financial risks are managed as follows:

Strategy and Objectives

The Group's financial instruments comprise cash and short-term deposits and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to provide finance for the Group's operations. The Group does not generally enter into derivative transactions.

The main risks arising from the Group's financial instruments are foreign currency, credit and interest rate risks.

Credit risk

Credit risk refers to the risk that a third party will default on its contractual obligations resulting in financial loss to the Group. The Group does not require collateral where credit is extended to third parties. The Group measures credit risk on a fair value basis. The Group's maximum exposure to credit risk of third parties is the aggregate of the carrying value of its cash and short-term deposits and other receivables.

Interest rate risk

Cash at bank is held in call accounts at floating interest rates based on the relevant inter-bank rates. Cash held on deposit earns interest at rates set in advance for periods ranging from one to six months. The average rate of interest of deposits for the Group at 30 June 2011 was 0.47% (30 June 2010: 0.70 %).

No other financial assets or liabilities of the Group are interest-bearing.

Foreign currency risk

The Group operates in the UK and the Group, through its principal subsidiaries, Ophir Services Pty Ltd (Ophir Services) and Ophir Holdings Limited, operates in both Australia and Africa. The US Dollar has been adopted as the functional currency of the Group and its subsidiaries (with the exception of Ophir Services which uses the Australian Dollar). As the majority of the Group's expenditure is incurred in US Dollars, the use of the US Dollar as the functional currency acts as a natural hedge on the majority of the Group's expenditure. As at 30 June 2011, the Group did not have any hedging mechanisms in place for its commitments in Pounds Sterling or the Australian Dollar; however the Group held funds in Pounds Sterling and Australian Dollars to meet its short-term needs.

Rates of exchange used at 30 June 2011 to translate assets and liabilities denominated in Pounds Sterling and Australian Dollars into US Dollars were £1.00 = US$1.6018 and A$1.00 = US$1.0597.

Financial Liabilities

Other than short-term creditors, the Group do not have any financial liabilities.

Off Balance Sheet Arrangements

The Group has not entered into and is not a party to any Off Balance Sheet arrangements.

B Yvonne Holm

Chief Financial Officer

30 August 2011

The Directors confirm that to the best of their knowledge the:

a condensed set of financial statements has been prepared in accordance with IAS 34 "Interim Financial Reporting";

b interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year);

c interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein);

d Directors believe the Group is a going concern as required by C1:3 of the UK Corporate Governance Code; and

e condensed financial statements are prepared in accordance with IFRS and give a true and fair view of assets, liabilities and profit and loss of the issuer or the undertakings included in the consolidation as a whole.

The Directors of Ophir Energy plc are as listed in the Corporate Directory at the back of this report. A list of the current Directors is also maintained on the Ophir Energy plc website: www.ophirenergy.com

By order of the Board

Dr Nick Cooper Ms B Yvonne Holm

Managing Director Chief Financial Officer

30 August 2011 30 August 2011

Disclaimer

This statement contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst the Group believes the expectations reflected herein to be reasonable in light of the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Group's control or within the Group's control where, for example, the Group decides on a change of plan or strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements.,

Introduction

We have been engaged by Ophir Energy plc ("The Group") to review the condensed set of consolidated financial statements in the half-yearly report for the six months ended 30 June 2011 which comprises the condensed interim consolidated balance sheet, the condensed interim consolidated income statement, condensed interim consolidated cash flow statement, condensed interim consolidated statement of comprehensive income, condensed interim consolidated statement of changes in equity and related notes 1 to 11. We have read the other information contained in the half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the Group in accordance with guidance contained in ISRE 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group, for our work, for this report, or for the conclusions we have formed.

Directors' Responsibilities

The half-yearly report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As noted in note 2, the annual financial statements of the Group are prepared in accordance with the International Financial Reporting Standards (IFRSs) as adopted by the European Union. The condensed set of financial statements included in this half-yearly report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union.

Our Responsibility

Our responsibility is to express to the Group a conclusion on the condensed set of financial statements in the half-yearly report based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly report for the six months ended 30 June 2011 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

Ernst & Young LLP

London

30 August 2011

The maintenance and integrity of the Ophir Energy plc web site is the responsibility of the Directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial information since it was initially presented on the web site. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board on 30 August 2011

Ms B Yvonne Holm

Chief Financial Officer

On 13 July the Group's shares were listed on the main board of the London Stock Exchange. The Group issued 94,135,334 new shares raising a total USD 375 million (£235 million). An over-allotment of 2,216,546 shares were issued on 8 August raising a further approximately USD 9 million (£5.5 million).

On 17 June 2011 the Group announced that it has entered into an agreement with a subsidiary of Petróleo Brasileiro S.A. (Petrobras) over the Group's interests in the Mbeli Marin and Ntsina Marin PSCs. Petrobras will acquire 50% of Ophir's interest in each of the PSCs by contributing to certain past expenditure and making a promoted contribution towards the cost of an agreed initial work programme of at least 2,000km2 of 3D seismic data. After completion of the initial work programme, Petrobras may elect to continue and make a promoted contribution towards the first and second exploration wells to complete its earning obligations or withdraw from the PSCs. Petrobras has the right to elect to assume Operatorship of both PSCs. Completion of the transaction is subject to government consent.

On 27 July 2011 the Group announced the completion of drilling operations on the Kora-1 well in the AGC Profond Production Sharing Contract (PSC). Following final wireline logging the well was plugged and abandoned as an unsuccessful exploration well. The Group's share of well costs which were incurred subsequent to 30 June 2011 of approximately US$15 million were written off subsequent to 30 June 2011.