Overview
AGC is the 'Agence de Gestion et de Coopération entre le Sénégal
et la Guinée-Bissau' which is a joint commission set up by the
governments of Guinea-Bissau and Senegal to administer the maritime
zone between the two countries. The AGC Profond block consists of
the deepwater portions of two blocks previously known as Cheval
Marin and Croix du Sud. The block covers an area of
9,838 km2 and is located in water depths
ranging from approximately 75 to 3,500m
Interest
The Group has a 44.2% beneficial interest in the block during
exploration with the state owned entity l'Entreprise AGC holding a
12% beneficial interest and having a right to back-in for a further
5% beneficial interest following a declaration of commerciality.
Noble Energy entered the AGC Profond PSC in Q2 2011 and holds a 30%
beneficial interest. Rocksource AGC (Profond) AS has earned a 5%
beneficial interest by funding a Controlled Source Electromagnetic
(CSEM) programme and their promoted contribution to the first well
will allow them to increase this to 8.75 %. A further 3.75% will be
available should they elect to make a further promoted contribution
to a second exploration well. Following a farm out agreement in
March 2011, FAR Limited acquired an 8.8% beneficial interest by
contributing to the accrued and ongoing costs of drilling the first
exploration well.
Exploration & Appraisal
The First Renewal Period commenced on 19 September 2009, lasts
for two years and carried a commitment of one exploration well to a
minimum depth of 1,500m. This commitment was satisfied with the
drilling of the Kora-1A well which was drilled in July 2011. The
First Renewal Period was extended for a year. A Second Renewal
Period of a further two years is possible with a further commitment
to drill another exploration well, also to a minimum depth of
1,500m.
Licence Details
| License Name |
Basin |
Gross Area |
Depths |
| AGC Profond |
MSGBC Basin |
9,838km2 |
75 to 3,500m |
| Licencee |
Interest |
| Ophir AGC (Profond) LTD |
44.2% |
| FAR |
8.8% |
| ENTERPRISE AGCSA |
**12% |
*Rocksource AGC (Profond) AS have the ability to increase
their equity to a maximum of 12.5% by partially funding the first
two exploration wells on the Block.
**Entreprise have an option to increase their 12%.
beneficial interest by a maximum of 5%
Overview
An agreement with Wilton Petroleum Limited (Wilton) was entered
into on 13 July 2010 to acquire an 80% interest and Operatorship of
a Production Sharing Contract (PSC) over an area designated as the
Marovoay Block 2102 onshore Madagascar.
The Marovoay Block lies in the coastal area of north-west
Madagascar covering an area in excess of 12,000km2. The PSC was
awarded to Wilton following a competitive licensing round in
2006.
Wilton has undertaken an initial prospectivity assessment of the
block that included reprocessing of legacy seismic data, extensive
field studies and sample analysis. A revised geological model has
been developed which has potentially significant implications for
the prospectivity of the basin. Ophir acquired 3,600km2 of high
resolution gravity gradiometry and aeromagnetic data, through a
contract with UK potential field specialists ARKeX Ltd.
Under the terms of the farm in agreement, Ophir has funded 100%
of the cost of acquiring these new data and will reimburse certain
back-costs. In the event that Ophir elects to drill, Wilton will be
carried through the drilling of the first two exploration wells
subject to a financial cap on the extent of the carry.
Exploration & Appraisal
The sedimentary sequence comprises an eastern Permo-Triassic
failed rift Karroo infill and a western Jurassic-Cretaceous passive
margin section, as shown in the cross-section below. The wide
variety of structural styles, the influence of halokinesis, the
presence of organic rich shales and hydrocarbons in wells and at
outcrop, together with potential reservoirs at the Permo-Triassic,
Jurassic and Cretaceous levels make Block 2102 an attractive block
for exploration. However, it is likely that further work could
reduce the uncertainty with respect to the likely environment of
deposition and quality of the postulated reservoir. A 3,600km2 high
resolution gradiometry survey is aimed at reducing some of the
identified risk and enhancing the excellent work completed to
date
Licence Details
| License Name |
Basin |
Gross Area |
Depths |
| Morovoay 2102 |
Majunga Basin |
12,070km2 |
Onshore |
| Licencee |
Interest |
| Ophir (Operator) |
80% |
| Wilton Petroleum (JV Party) |
20% |
Overview
The Republic of Somaliland declared its independence from
Somalia in 1991. It remains subject to a sovereignty dispute with
neighbouring Somalia but is in active diplomatic discussions with
surrounding states and the African Union regarding formal
recognition of its independence.
In April 2003, Rova Energy Corporation Limited (Rova) entered
into the Berbera Production Sharing Agreement (Berbera PSA) with
the Government of Somaliland. Rova was a special purpose company
established to acquire and develop the Berbera PSA. In return for
providing early funding, Mvelaphanda was awarded an option to
acquire 75% of the issued share capital of Rova. The remaining 25%
was held by a private individual. Ophir acquired this option from
Mvelaphanda in October 2004 and in March 2005 exercised its option
to acquire 75% of Rova. In February 2007, Ophir and the private
individual agreed to exchange Ophir's shareholding in Rova for a
direct interest in the Berbera PSA. This was subsequently ratified
by the Government in March 2007 (with the transaction completing in
May 2007). Ophir then became a direct participant in the Berbera
PSA holding an interest of 75% and is the designated operator. In
2008 Rova agreed to sell its 25% interest in the Berbera PSA to UAE
based Ras Al Khaimah Gas Company (RAKgas). Ophir and RAKgas
currently participate in the Berbera PSA through a joint venture
governed by a Joint Operating Agreement (JOA).
The Berbera PSA originally consisted of four sub-blocks that
were designated as 35/36 (onshore) and M10/M10A (offshore). In
2006, the Group elected to maintain the 35 (onshore) and M10A
(offshore) sub-blocks and relinquish 36 and M10.
Only three wells have been drilled in the original Berbera
Block, two of which were located offshore in block M10, where they
encountered minor oil shows. The third well, the only onshore well
in the block, was a 243m deep stratigraphic well. Three wells,
drilled adjacent to the western edge of block 35 (Dagah Shabel
1-2-3) over the period from November 1958 to November 1959, all
encountered good oil shows. The M10A/35 PSA, located in northern
Somaliland, is predominantly onshore but also extends offshore into
the Gulf of Aden. The block encompasses an area of 16,270km2 with a
water depth of approximately 0 to 1,000m
Interest
The Group owns 75% of blocks M10A and 35 and is designated as
the operator.
Exploration & Appraisal
The petroleum geology of Somaliland is contiguous with that of
Yemen (a territory where there have been significant oil
discoveries and production). The Group acquired 2D seismic data
offshore and completed an aeromagnetic survey over the onshore
areas in Q1 2008. The Group is currently in the 2nd exploration
period.
License Details
| License Name |
Basin |
Gross Area |
Depths |
| Block M10A and 35 "Berbera Block" |
Guban Basin |
16,270km2 |
0 to 1,425m |
| Licencee |
Interest |
| Ophir (Operator) |
75% |
| Ras Al Khaimah Gas Company (RAKgas) (JV Party) |
22.5% |
| Government of Somaliland |
2.5% |
Overview
On 16 March 2006 the Company and Premier Oil plc (Premier) of
the UK, signed four Production Sharing Contracts (PSC) offshore the
Saharawi Arab Democratic Republic (SADR) commonly referred to as
Western Sahara. Ophir has a 50% interest in each PSC and is the
project Operator.
The sovereignty of the territory of SADR is subject to a long
standing dispute between the indigenous Saharawi people, as
represented by the Government of the SADR, and the Kingdom of
Morocco. The Security Council of the United Nations has been
mediating between both sides in an attempt to find a just and
diplomatic solution to the decolonisation of Western Sahara.
However Ophir's title to these PSCs remains subject to the
approval of a UN Resolution granting the SADR international
recognition as an independent and sovereign state. When
international recognition has been achieved, the PSCs will be
ratified by the SADR Government. Title to the four permits namely
Mijek, Haouza, Mahbes and Daora is maintained by an Assurance
Agreement entered into in 2006 between Ophir, Premier and the
Government of the SADR.
This is one of the least explored sedimentary basins in the
whole of West Africa. Preliminary studies suggest that all the
necessary elements of an effective petroleum system could be in
place but further seismic and geological studies are required.
A visit to the camps was made by the JVPs in April 2006 for the
official signing ceremony. Below are some images from that trip.
Click a thumbnail below to view a larger size.
Licence Details
| License Name |
Basin |
Gross Area |
Depths |
| Daora; Haouza; Mahbes; Mijek |
Aaiun Basin |
74,327km2 (Daora 17,540; Haouza 17,277; Mahbes 16,338; Mijek
23,172) |
200m to >2,500m |
| Licencee |
Interest |
| Ophir (Operator) |
50% |
| Premier Oil plc (JV Party) |
50% |
Overview
On 19 May 2006 a Production Sharing Contract (PSC) for the
offshore area designated Marine IX was signed between the Republic
of Congo, SNPC, Premier Oil (PMO) and Ophir. This PSC was ratified
on 5 October 2006. Kufpec Congo (Marine IX) Limited (Kufpec) joined
the venture in 2008. PMO, the initial operator withdrew in 2011 and
Ophir took over operatorship. Ophir has a 48.46% interest, Kufpec a
41.54% interest and the National Oil Company (SNPC) a carried 10%
interest.
Ophir has acquired 1,000 km of Gravity Gradiometry survey in
2012 and will re-assess the permit prospectivity before the end of
the Initial Exploration period.
Corporate & Social Responsibility
Congo CSR Tchisseka
Exploration & Appraisal
The Block IX Joint Venture drilled the Frida-1 exploration well
during 2009 to test a Cretaceous aged carbonate raft play. The well
did not encounter any hydrocarbons. Ophir had elected not to
participate in the drilling of Frida-1 and the well was therefore
drilled as a sole risk operation by the remaining Joint Venture
participants.
License Details
| License Name |
Basin |
Gross Area |
Depths |
| Marine IX |
Congo Costal |
1,044km2 |
400 to 1,600m |
| Licencee |
Interest |
| Ophir (JV Party) |
48.46% |
| Kufpec (JV Party) |
51.54% |
| SNPC (JV Party) |
10.0% |
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