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Ophir Provides Operational Update for Ghana & Tanzania

Source: www.gulfoilandgas.com 4/10/2013, Location: Africa

Ophir provides an operational update on the Company's drilling programmes in Blocks 1-3-4 in Tanzania and the Accra Block in Ghana. Ophir holds a 40% working interest in Tanzania Blocks 1-3-4 and a 20% interest in the Ghana Accra Block.

Tanzania Operations:

Block 1, Jodari Field:

Following the successful completion of the multi-well Jodari appraisal programme and Drill Stem Test (DST), Ophir management has increased the original 3.4 TCF mean recoverable resource estimate of the Jodari Field by 700 BCF to 4.1 TCF. Company management now estimate the total 2C mean recoverable resource estimate for Tanzania Blocks 1-3-4 at 12.6 TCF.

Block 1, Mzia Field:

The Deep Sea Metro 1 drillship is now preparing a DSTfor the Cretaceous Mzia discovery, with results due in late April. Ophir management estimates that a flow test rate of 10-20 mmscf/d would be commercial for development of this asset.

Block 4, Ngisi Prospect:

After completing the Jodari and Mzia testing programme, the Deep Sea Metro 1 will move to drill the Ngisi prospect in Block 4. Ophir Management estimates the Ngisi mean in-place resources at 1.3 TCF with a 70% chance-of-success. Ngisi-1 will be drilled with two deviated well paths; both of which will test separate compartments of the Ngisi Prospect and the deeper Chewa Discovery.

If successful, this well will increase the mean in-place resource of the Chewa-Pweza-Ngisi hub to 5.8 TCF, or 4.1 TCF mean recoverable resource, and will provide critical scale for gas development from Block 4. This 'proof of concept well' will further demonstrate the feasibility of drilling highly deviated wells. Ophir and BG Group successfully drilled their first deviated well in December 2012 in the Jodari Field. Deviated wells are expected to reduce field development costs.

Following the drilling of this well, the Deep Sea Metro 1 drillship will be released. Unscheduled but mandated maintenance of the drillship has slowed the pace of the rig's operations and Ngisi will be the final well drilled by Deepsea Metro 1 before the contract expires in early June. Ophir and BG Group are continuing to interpret the Block 1 outboard Kusini 3D survey. Recent receipt of the final offset stack data is providing additional information that may expand the prospectivity and change the ranked order of preference for drilling. The Joint Venture plans to secure a rig to continue its exploration programme with a view to commencing in Q3 2013. It will update the market with go-forward drilling plans in due course.

Ghana Operations:

Accra Block, Starfish-1:

Ophir has awarded a contract for the Stena DrillMAX, Dual Derrick Drillship (Stena) to drill the Starfish Prospect. Starfish-1 will be located in water depths of 1,360m with a target depth of 3,750m and is expected to spud in early June 2013. The well is designed as a play-opener to test a stratigraphic onlap trap to the east of the major Ghanaian discoveries made by Kosmos Energy and Tullow Oil. Ophir management estimates mean prospective resources of 292 MMBOE with a 20% chance of success.

Nick Cooper, CEO of Ophir Energy said:

"We are pleased that appraisal and DST data from Jodari-1 has increased confidence in the world-class reservoir and led to a 22% increase in this anchor asset for Tanzania's first LNG project. After the completion of the Mzia-2 DST, we will then move to delineate the resources in Block 4 by drilling the Ngisi-1 well. This is designed to establish sufficient resources to underpin a single LNG train in the northern area of Blocks 1-3-4. Meanwhile, Ophir and our partner BG Group will continue to interpret the outboard prospectivity of Block 1. We remain excited by this area. With final data only recently received, however, the JV needs more time to refine the outboard drilling sequence and plans to re-commence exploration in Block 1 in Q3 2013.

In addition, Ophir has secured a rig for our operated drilling programme offshore Ghana. The Stena DrillMAX, Dual Derrick Drillship has recently completed a number of efficient and successful wells in Ghana. Drilling Starfish-1 will mark our first well offshore Ghana and Ophir's tenth operated deepwater well in West Africa."

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