02 August, 2012
Ophir Energy plc ("Ophir" or "the Company") announces that the
Papa-1 well has made the first Cretaceous gas discovery
outboard of the Rufiji Delta in Block 3, offshore Tanzania and is
the sixth consecutive discovery by Ophir offshore
Tanzania.
Highlights
- Play-finder exploration well; successful first test of
Cretaceous targets outboard of Rufiji Delta in Block 3
- Sixth consecutive gas discovery for the Ophir-BG Joint Venture
in Tanzanian offshore Blocks 1, 3, 4
- An 89m gas bearing column in the Upper Cretaceous
- Based on the preliminary data available, Ophir management
estimate 0.5 - 2.0 TCF in place; detailed core and
petrophysical analysis will confirm the scale of the discovered
resource
Papa-1 is located ca. 100km in Block 3, offshore Tanzania; 53km
south east of the earlier Pweza-1 discovery. The well spudded
on 29 May 2012 in 2186m of water and was drilled by the drillship
"Deep Sea Metro 1" to a total depth of 5544m subsea in 57
days.
Papa-1 represents the first exploration test of Upper Cretaceous
Intraslope play outboard of the Rufiji Delta and the first
well to be drilled in Block 3. The well was designed to evaluate
sandstones of Campanian and Albian age within the structural
Papa prospect. Papa-1 encountered an 89m gas bearing column in
interbedded, Campanian sandstones. Ophir management's
preliminary analysis of the discovery suggests an in
place resource of 0.5 - 2.0 TCF. Further detailed
petrophysical and core analysis will commence shortly to
calibrate the logging data and refine the in place and
recoverable resource estimates.
The Papa discovery further de-risks the deeper, Upper Cretaceous
Intraslope play in Tanzania. Additional resources have now
been discovered in the Cretaceous stratigraphy outboard of both the
Rovuma and Rufiji Deltas by the Mzia-1 and Papa-1 wells. An
update of the in place and recoverable resource estimates from
the Mzia and Papa discoveries on the new Cretaceous Intraslope
play will follow the ongoing petrophysical analysis.
The BG-Ophir Joint Venture's first four discoveries have
successfully tested targets of Miocene, Oligocene
and Paleocene age in the Tertiary Intraslope Play and are
currently estimated to have discovered total
recoverable resources of ca. 7 TCF (1167 MMBOE). The fifth
discovery, Mzia, and the sixth discovery, Papa, both in the
new Upper Cretaceous Intraslope Play are expected to add
considerable additional recoverable resource to this total.
The Deep Sea Metro 1 drillship will now be sub-let to Apache for
a single well in Block L8, Kenya, adjacent to Ophir's Block L9
(60%), before returning to continue operations with the Ophir-BG
Joint Venture in Tanzania.
The Joint Venture will recommence drilling in Block 1, Tanzania
in October 2012. Next in the sequence will be two step-out
exploration and appraisal wells around the 3.4 TCF (567 MMBOE)
Jodari discovery for a potential hub for the LNG development
in Block 1.
Nick Cooper, CEO of Ophir said:
"Papa-1 was the sixth well, and sixth consecutive discovery, for
the Ophir-BG Joint Venture offshore Tanzania. The Papa
discovery reaffirms the potential repeatability of the Intraslope
Play and ability to aggregate substantial gas volumes across
Blocks 1,3,4.
"The two most recent wells in Tanzania were designed to test the
deeper-lying prospectivity of the Cretaceous Intraslope play.
The Mzia-1 success in May 2012 confirmed for the first time the
prospectivity in the Upper Cretaceous sequences outboard of
the Rovuma Delta. The Papa-1 success now confirms similar
Upper Cretaceous prospectivity outboard of the Rufiji Delta
and represents the first discovery in Block 3.
While recoverable resources are likely to be lower than
pre-drill estimates, this very encouraging discovery is
expected to lead to substantial additional resources from this
new Upper Cretaceous play.
"The next drilling on Blocks 1,3,4 will focus on adding further
resource around the Jodari discovery to form a potential hub
for the LNG development.
"Separately, Ophir has received preliminary products from the
recently recorded Block 1 3D seismic survey that is targeting
the Rovuma Delta Basin Floor Fan play. Interpretation work is
commencing to determine whether the area contains features
potentially comparable to those discovered in the adjacent play
offshore Mozambique.
"Ophir has transformed its resource base with the four
discoveries across our assets in the first half of 2012.
We anticipate two further well results from Equatorial Guinea
by early September."