Shares in Ophir rose as much as 7.4% in early trading on the London Stock Exchange, pulling away from an eight-month low touched in the previous session.
The stock was trading up about 3.5% at 73 pence at 0730 GMT.
The company said the job cuts were focused on corporate roles in London and expatriate positions, to save an estimated $10 million to $12 million a year.
Oil prices have fallen to about $45/bbl from more than $100 before the price crash in 2014.
Ophir also lowered its full-year production forecast, saying its Kerendan gas field in Indonesia ramped up at a slower-than-expected pace.
Ophir cut full-year production forecast to 12,000 boed, and said production in the first half ended June 30 averaged at 11,300 boed. This was 1,200 boed below target as production at two of its gas fields was lower than expected, the company said.
