Ophir boss steps down from board

Ophir Energy chief executive Nicholas Cooper has reached a "mutual agreement" with the group's directors to walk away from the explorer with immediate effect, following a seven year stint

Cooper, who will remain at Ophir as an employee during a short handover period, will be replaced by Alan Booth, currently a non-executive director of the fully listed group, who has been appointed as interim chief executive officer and executive director until the group finds its next boss.

Chairman Bill Schrader said, "On behalf of the board, I would like to thank Nick very much for his service to the company. Nick was appointed CEO in 2011 when Ophir was a frontier explorer."

"Today, we have a production-focused business model, exemplified by the proposed Santos transaction. This positions the company well for the future and provides a great platform to Nick's successor. We wish Nick all the very best for the future. In Alan Booth, we have an excellent Interim CEO with the relevant operational experience," he added.

As of 1000 BST, Ophir shares had lost 3.95% to 63.20p.