Ophir drops as losses narrow

Shares in Ophir Energy fell 14 per cent yesterday in spite of the oil and gas explorer posting narrower losses for the first six months of the year. The firm, which is exploring in Tanzania, Kenya and Gabon with BG Group, said it made a loss of $19.4m in the period due to the cost of setting up these projects, down from $24m last year. But worries about delays at Ophir’s drilling sites sent investors racing for the exit.