Ophir Energy Issues Operational Update, UK

Ophir Energy issued an Interim Management Statement and Operational Update for the period 1 July 2012 to 30 September 2012.

Corporate Highlights since 1 July 2012

Ophir Energy has achieved significant operational milestones, including:

• Successfully completed two 3D seismic programmes and commenced the third 3D seismic acquisition programme in Kenya and Tanzania;
• Defined significant new oil plays and prospects in Gabon and Equatorial Guinea;
• Identified significant new prospectivity in Tanzania and Kenya including two 20+TCF targets;
• Successfully completed a three-well drilling programme in Block-R, Equatorial Guinea, resulting in the discovery of an additional 1.0 TCF (169 MMBOE) of recoverable resources in the Fortuna West-1 (R6) exploration well and increasing Block R 2C contingent recoverable resource estimates to 3.0 TCF (500 MMBOE);
• Resumed the drilling campaign in Tanzania, with JV partner BG Group, aimed at further refining the resource potential of the Jodari and Mzia discoveries and conducting flow tests

Tanzania

• Completed drilling at Jodari South-1 and on the Jodari South-1 side-track ahead of schedule;
• The Deep Sea Metro 1 drillship has now moved to Jodari North-1 where drilling has commenced, as part of the on-going Tanzanian drilling campaign;
• Mzia-2 appraisal well will immediately follow the Jodari appraisal programme to refine estimated in-place and recoverable volumes
• Prospectivity of Blocks 1 and 7 continues to evolve as recent mapping continues to identify new prospects
• Commenced the third 3D seismic acquisition programme including the Upanga Survey in Block 7, comprising 1,803 km2 of which 30 per cent has been completed

Kenya

Ophir Energy has commenced the third 3D seismic acquisition programme including two blocks in Kenya:

• The Nala Survey is focused on Block L9, covering 1560 km2
• The Ndoto Survey will look at Block L15, covering 832 km2

Nick Cooper, CEO of Ophir Energy commented: “Ophir has made significant progress in the past quarter. In Tanzania, recent well results and new seismic coverage have identified new, game-changing prospectivity. Mapping of Blocks 1 and 7 is on-going, with significant new prospects mapped within recent weeks. In Equatorial Guinea we have increased our gas resource and are now targeting a single train of LNG supplied by Block R gas.

“We are excited about our upcoming 2013 exploration programme. The continued processing and interpretation of the large volume of 3D seismic data Ophir acquired in 2012, combined with the 12-15 well drilling programme targeting net risked prospective resource of 1.0 billion barrels of oil equivalent has the potential to make 2013 another transformational year.”

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LNG World News Staff, November 15, 2012; Image: Ophir