Ophir launches share buyback to return cash to shareholders

London-listed oil explorer Ophir Energy , whose stock price has halved since the start of the year due to disappointing drilling results, has announced a $100 million (59 million pounds) share-buyback programme to return cash to shareholders. "With our shares trading below the core value of the business, a capital return to shareholders has been approved via a share-buyback programme announced today," said Ophir Chairman Nicholas Smith. Ophir has drilled a number of disappointing wells in Gabon over the past months. Read More http://ift.tt/Y7CHaY