10 April, 2013
Ophir today 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.
Highlights:
- Ngisi-1 (Block 4) next well in sequence targeting 1.3 TCF gas
in-place and appraising Chewa discovery
-
- Exploring the potential for a 4.1 TCF mean recoverable resource
hub to underpin a single LNG train
- Ghana: Stena DrillMAX, Dual Derrick Drillship secured for
Starfish-1 well
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."