Analyst Views: What did you make of Ophir Energy’s exploration update?
DRAGAN TRAJKOV | ORIEL SECURITIES
We are puzzled by the market reaction. Exploration is a numbers game and in order to systematically benefit from it, it is necessary to be patient. Ophir has a good exploration record at a low entry cost.
BRIAN GALLAGHER | INVESTEC
Sourcing has proved inconclusive and now is the primary risk to the play in our view. [But] with three wells expected to be spud across three plays in three months, Ophir remains in a potentially impactful period.
TOM ROBINSON | DEUTSCHE BANK
Padouck Deep was one of the highest potential wells not only in Ophir’s drilling programme but across the entire sector. While the well’s higher risk profile was well flagged by management, this is a disappointing result.