Ophir Energy boosted by independent reserves report

Oil and gas explorer Ophir Energy said an independent reserves report confirmed the company had over 1bn barrels of oil equivalent (boe) in its reserves.

In the first three months of 2015, the London-listed group reported a daily average production of approximately 15,500 boe per day.

In a statement released on Thursday, Ophir said the independent reserves and resources reports confirmed its management forecast, with resources at the end of last year totalling over 1bn barrels of oil equivalent.

The total includes 2P reserves, certified net proven and probable reserves, of 59.6m barrels of oil equivalent, and certified best estimate of contingent resources, 2C reserves, of 950.0m barrels of oil equivalent.

"The updated reserves and resources certification highlights the long life nature of our producing assets which will generate material cash flow to fund our exploration objectives,” said group chief operating officer Bill Higgs.

“We have plans to convert a substantial portion of our 2C resource base to 2P in the next 12 months.”

Ophir Energy shares were up 1.56% to 130.50p at 09:29 on Thursday.