RESULT OF PLACING

28 March 2012

THIS ANNOUNCEMENT, INCLUDING THE APPENDIX AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER STATE OR JURISDICTION INTO WHICH THE SAME WOULD BE UNLAWFUL.

OPHIR ENERGY PLC

SUCCESSFUL PLACING OF 30.5 MILLION NEW ORDINARY SHARES AT A PRICE OF 495P

Ophir Energy plc ("Ophir" or the "Company") is pleased to announce the successful completion of the equity placing announced earlier today (the "Placing").

A total of 30.5 million new ordinary shares of 0.25 pence each in Ophir (the "Placing Shares") have been placed by J.P. Morgan Cazenove (which is the name under which J.P. Morgan Securities Ltd. operates its investment banking business in the United Kingdom), RBC Capital Markets (which is the name under which RBC Europe Limited operates its investment banking business in Europe) and Oriel Securities Limited (together, the "Bookrunners") at a price of 495p.

The Placing Shares being issued represent approximately 8.3% of the issued ordinary share capital of Ophir prior to the Placing.

For clarification purposes, the unrisked gross total estimate for Mbawa South in the placing announcement included the total resource estimate for the Mbawa South prospect. Ophir Energy and their partners' gross unrisked estimate of this prospect is 646 mmboe. The 2012-2013 programme of 22 high impact wells targets over 9 TCF and over 1.1 Bbbl of net, unrisked, recoverable resources (2.6 BBoe).

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of Ophir, including the right to receive all dividends and other distributions declared made or paid in respect of such ordinary shares after the date of the issue of the Placing Shares. Application will be made for the Placing Shares to be admitted to the premium segment of the Official List of the Financial Services Authority and to be admitted to trading by the London Stock Exchange plc on its main market for listed securities (together, "Admission").

Settlement of payment for the Placing Shares issued pursuant to the Placing, as well as Admission, is expected to take place on 2 April 2012. The Placing is conditional, among other things, on Admission becoming effective. The Placing is also conditional on the Placing Agreement between the Bookrunners and the Company not being terminated.

ENQUIRIES

Ophir Energy plc +44 (0)20 7290 5800

Nick Cooper

Stephanie Prior

J.P. Morgan Cazenove +44 (0)20 7742 4000

Neil Passmore

Ben Davies

Christopher Nicholls

RBC Capital Markets +44 (0)20 7653 4000

Matthew Coakes

Jeremy Low

Oriel Securities Limited +44 (0)20 7710 7600

Ashton Clanfield

Jonathan Walker

FTI Consulting (PR Adviser to the Company) +44 (0)20 7831 3113

Billy Clegg

Edward Westropp

Capitalised terms in this Announcement shall have the same meaning as given in the announcement of the equity placing released earlier today by the Company.

This Announcement contains (or may contain) certain "forward-looking statements" with respect to certain of the Company's plans and its current goals or expectations relating to its future financial condition and performance and which involve a number of risks and uncertainties. Forward looking statements are typically identified by the use of forward looking terminology such as 'aims', 'believes', 'expects', 'may', 'will', 'could', 'should', 'intends', 'estimates', 'plans', 'assumes' or 'anticipates' or the negative thereof or other words of similar meaning. Examples of such forward-looking statements include, among others, statements regarding the Company's business strategy estimates of expenditure, future plans, present or future events, or objectives for future operations that involve risks and uncertainties and are not historic fact. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control and all of which are based on the Company's current beliefs and expectations about future events. Such statements are based on current expectations and, by their nature, are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance, expressed or implied, by the forward-looking statement. No assurance can be given that such forward-looking statements results will be achieved. Factors that might cause forward-looking statements to differ materially from actual results include, among other things, the following: global economic conditions economic conditions in the UK and other jurisdictions in which the Company operates or invests, the effects of continued volatility in credit markets, exchange rate of fluctuations and legislative, fiscal and regulatory developments. The forward-looking statements contained in this Announcement speak only as of the date of this Announcement and the Company assumes no obligation to, and does not intend to update or revise publicly any of them whether as a result of new information, future events or otherwise, except to the extent required by the FSA, the London Stock Exchange or by applicable law, the Prospectus Rules, the Listing Rules and the Disclosure and Transparency Rules.

This Announcement and the information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Canada, Japan, South Africa or any other state or jurisdiction into which the same would be unlawful. This Announcement is for information purposes only and shall not constitute an offer to buy, sell, issue, or acquire, or the solicitation of an offer to buy, sell, issue, or acquire any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. This Announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States, Australia, Canada, Japan or South Africa. In particular, the Placing Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") and may not be offered, sold or transferred, directly or indirectly, within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States. No public offering of the Placing Shares is being made in the United States, Australia, Canada, Japan or South Africa. This Announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by any of the Bookrunners or by any of their Affiliates or agents as to, or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.

The Bookrunners, each of which is authorised and regulated in the United Kingdom by the FSA, are acting for the Company and for no-one else in connection with the Bookbuild and the Placing and will not be responsible to any person other than the Company for providing the protections afforded to their clients or for providing advice to any other person in relation to the Placing or any other matter referred to in this Announcement.

The price of shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the shares. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser.

The Placing Shares to be issued pursuant to the Placing will not be admitted to trading on any stock exchange other than the London Stock Exchange.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this Announcement.

Persons (including without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this Announcement should seek appropriate advice before taking any action.

The distribution of this Announcement and the Placing and/or issue of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company, the Bookrunners, or any of their respective Affiliates, that would permit an offer of the Placing Shares or possession or distribution of this Announcement or any other offering or publicity material relating to such Placing Shares in any jurisdiction where action for that purpose is required. Persons into whose possession this Announcement comes are required by the Company and the Bookrunners to inform themselves about and to observe any such restrictions.