StockMarketWire.com - Ophir Energy said it expected to book a $300m impairment charge after the government of Equatorial Guinea decided not to extend a licence for a block containing the Fortuna gas discovery.

Ophir said it was continuing to talk to Indonesia's Medco about a potential takeover of Ophir.

Chief executive Alan Booth said the Equatorial Guinea government's decision was disappointing, given the amount of effort and cost dedicated to the project and 'especially as we were still talking to highly credible potential co-investors'.

'Nevertheless, we will continue to work constructively with the authorities in Equatorial Guinea,' he added.

Looking ahead, the group's cashflow, capital commitments and growth prospects would be focused in Southeast Asia, where it had built a 'robust operating platform capable of delivering value to shareholders', Booth said.


At 9:20am: [LON:OPHR] Ophir Energy share price was +0.85p at 45.65p



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