Executive Q&A – CEO Focus
I think it is quite early to call. M&A in the E&P sector is always a good talking point amongst the advisers and industry, but over the past couple of years the glut of takeovers has failed to materialise; it has been more a case of likely targets being taken over by likely acquirers. But when you have situations where good assets are not necessarily being progressed to their full potential, it allows a well-financed operator to come and offer their shareholders the opportunity to realise value.
Q: On a similar note do you foresee increased M&A activity across Africa in general in 2012?
I would stick to what I have said previously, that good assets will always have a market, but that doesn’t mean full corporate M&A will increase because of that.
Q: Are the markets sufficiently liquid for your liking, as an African-focused exploration company? What do you foresee for investment appetite / liquidity in 2012? I wish I could predict the future.
So far we have been treated well by the stock market as I believe it likes the upside potential from our portfolio, but as we go through the programme there will be successes and failures; that is the nature of E&P and I hope they appreciate the failures in the context of the wider fully financed work programme which we have in place. We aim to get to a risked outcome over a drilling program.
Q: How would you describe Ophir in one sentence to a potential new investor?
Ophir is present in four of the five sub-Saharan exploration themes and is the fifth largest holder of deepwater acreage in Africa; a big oil exploration in a mid-cap company with a strong recent success record and a significant step up in drilling ahead of us.
Q: Which other oil companies do you admire, both in Africa and internationally, and why?
Tullow would have to be my pick for what they’ve achieved since the Energy Africa acquisition; a smart series of well-timed transactions and organic successes to build a world class E&P company. Q: Looking back on 2011, what lesson(s) will you take into your business planning for 2012?
Cash is again becoming ever more important. Assuming that the macro environment doesn’t improve then we’ll see increasing differentiation between the haves and have-nots.
Q: Finally, three questions we always ask: First, when you’re away from work, how do you enjoy spending your spare time?
Brainwashing my kids into supporting my terrible football team: launching a micro-brewery and helping my wife transform a muddy farm into a vineyard. Q: Second, what do you enjoy most about working in the oil and gas industry?
An international business that has it all: talented people, considerable challenges, tangible rewards for success. Never easy, never dull.
Q: Finally, I can’t let you go without asking our standard question. You’re on a desert island – what three luxuries have you chosen to bring? (N.B. ‘Raft Building for Dummies’, satellite phone, teleportation device etc., not allowed)
My wife, two daughters and deckchair (I know that’s four).
Dr Cooper began his career as a geophysicist with BG and Amoco in the UK and various international locations. He then spent two years with the energy team at Booz-Allen & Hamilton, advising on upstream and gas development projects. In 1999, Dr Cooper completed an MBA at INSEAD and went on to join the oil and gas team at Goldman Sachs where he held the position of Vice President. In early 2005 he co-founded and became CFO of Salamander Energy, the Asia- focussed exploration and production company, which has grown from start-up to FTSE250 constituent
Drillers and Dealers :::
::: December 2011 Edition
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