17 June, 2011
Ophir Energy plc (Ophir) is pleased to announce that it has
entered into an agreement with a subsidiary of Petróleo Brasileiro
S.A. (Petrobras) over Ophir's interests in Production Sharing
Contracts (PSCs) covering the Mbeli and Ntsina Blocks offshore
Gabon.
Subject to securing consent from the relevant Gabonese
authorities, Petrobras will acquire 50% of Ophir's interest in each
of the PSCs by making a promoted contribution towards the cost of
an agreed work programme.
Under the agreement, Petrobras has committed to participate in
an initial work programme which will include the acquisition of at
least 2,000km2 of 3D seismic data. The acquisition and processing
parameters will be specifically designed to image deep pre-salt
potential that has not been the focus of previous exploration in
the area.
After completion of the initial work programme, Petrobras may
elect to continue and make a promoted contribution towards the
first and second exploration wells to complete its earning
obligations or withdraw from the PSCs.
Petrobras has the right to elect to assume Operatorship of both
PSCs.
Ophir's Managing Director, Nick Cooper commented:
"We are very pleased to enter
into partnership with Petrobras, one of the world's most
experienced and successful deepwater pre-salt exploration
companies, to explore the potential of our northern Gabon blocks.
We shall be seeking approval to acquire new 3D seismic data
focussed specifically on the pre-salt play at the earliest
opportunity. We anticipate that the combination of Petrobras and
Ophir will create a strong joint venture to work in partnership
with the Government, on whose behalf we seek to develop the natural
resources of Gabon."
In a separate statement Petrobras commented that:
"The acquisition of the blocks
is aligned with Petrobras' 2020 Strategic Plan, which aims to
contribute to the discovery and appropriation of reserves in Brazil
and abroad, maintaining the reserve/production ratio above 15
years, and to intensify the assessment of the exploratory
potential, particularly of the pre-salt section along the Atlantic
basins.
"The Coastal Basin of Gabon is
located in an operational focus area for Petrobras - the West Coast
of Africa. The region has geological structures considered
comparable to those discovered in Brazil and has great potential
for the discovery of significant volumes of oil in fields located
in deepwater."