Ophir is the largest net acreage holder offshore Tanzania and holds five blocks. Two operated blocks (an 80% interest in Block 7 and a 70% interest in East Pande) and three non-operated blocks (a 20% interest in the BG-operated Blocks 1, 3 and 4).
Blocks 1, 3 and 4
Blocks 1, 3 and 4 offshore Tanzania are located in the Mafia Deep Basin offshore from the Rovuma and Rufiji Deltas, in water depths ranging from 100 to 3,000 metres. Ophir was awarded a 100% interest in Block 1 in 2005 and a 100% interest in Blocks 3 and 4 in 2006. The company then subsequently farmed down a 60% stake and operatorship in all three blocks to BG Group in May 2010.
Drilling began in late 2010 with the Pweza discovery in Block 4. Since then the JV has drilled nine discoveries with a 100% success rate across all three Blocks on a mix of Tertiary and Cretaceous plays. This includes the large Mzia and Jodari discoveries in Block 1. A number of appraisal wells have also been drilled, and flow tests carried out on the Jodari, Mzia and Pweza discoveries. These tests have confirmed excellent reservoir deliverability from both Tertiary and Cretaceous reservoirs.
The total discovered gross 2C resource to date is estimated at c.15 TCF across the three blocks, which is enough to underpin a two Train LNG development. Further exploration upside remains with additional wells expected to be drilled in 2014 on Block 1 and if successful could provide support for a third Train.
In Novermber 2014, the Company announced it had sold a 20% stake in the Blocks to Pavilion Energy for US$1.25bn with a further US$38mn payable at FID. This transaction completed in March 2014.
East Pande is located inboard from Blocks 1-4 and covers a largely unexplored part of the onshore to deepwater Mandawa Sub-basin; the lateral extension of the deepwater Mafia Deep and Rovuma Basins. Ophir acquired a 70% operated interest in the block in April 2011 from RAKGas Tanzania, which retains a 30% non-operated interest.
A 3D seismic survey was acquired in 2012 and a number of prospects have subsequently been matured for drilling and the first exploration well is expected to spud in 2014. Whilst the company believes the licence area is primarily prospective for gas, there is potential for oil in the south of the block.
Block 7 is located 80km east of Dar es Salaam, on the continental slope of the of the Indian Ocean in water depths ranging from less than 400m to more than 2,500m. Ophir acquired its 80% operated interest in Block 7 in February 2012 through the acquisition of Dominion Petroleum Ltd (Dominion). Dominion had signed a production sharing agreement with the Government of Tanzania in March 2007, taking a 100% interest in the block, before subsequently farming down a 20% interest to Mubadala Petroleum in late 2011.
Dominion completed a 3D seismic survey in 2010 while further 2D and 3D surveys were acquired by Ophir in 2012. A number of prospects have been matured, including the giant Mlinzi channel complex in the east of the Block. The first well on the Block, Mlinzi Mbali-1, was completed at the end of 2013 and whilst it did not encounter live hydrocarbons it has provided valuable stratigraphic information from the deepest well drilled offshore Tanzania to date.
Equatorial Guinea overview
Ophir has an 80% interest in offshore Block R which is located in the south-eastern part of the Niger Delta complex close to numerous significant oil and gas discoveries in the Nigerian sector. The Block lies in water depths of 600 to 1950m.
The company acquired the Block in April 2006 and has a 100% paying interest. Ophir is carrying the state oil company (GEPetrol) through exploration and appraisal for its 20% beneficial interest until the date of a declaration of commerciality.
Six wells have been drilled to date in two drilling campaigns in 2008 and 2012. The first campaign made two gas discoveries (Lykos and Fortuna), out of the three wells drilled with three successful gas discoveries (Tonel, Fortuna East and Fortuna West) in the 2012 campaign. The last two wells appraised the Fortuna Complex and made further discoveries in secondary targets.
Total gross 2C gas resources discovered currently stand at c.2.6 TCF with further upside identified in both the plays drilled to date and as yet an untested forethrust play. In addition there is the potential for a deeper oil play on the Block.
The resources proved to date are enough to underpin a potential LNG export development and the company is undertaking feasibility studies to ascertain the preferred development option. This is likely to be by backfilling the existing LNG train on Bioko Island operated by Marathon, building a second LNG train or utilising a Floating LNG solution. The last would be aided by the nature of the dry gas resource and the benign sea conditions in the Gulf of Guinea.
Ophir has interests in four blocks offshore in the North Gabon sub-basin, situated to the west and north of the prolific producing Ogooue Delta complex. The company has a 50% operated interest in the Mbeli Marin and Ntsina Marin blocks and a 100% interest in the Manga Marin and Gnondo Marin blocks. They are located in water depths ranging from 100 to 2,500m. The licence interests are subject to Government back-in rights of 10% on Gnondo, Ntsina and Mbeli and 15% on Manga.
Ophir was awarded a 100% interest in the four blocks in March 2005. It then subsequently farmed down a 50% interest in the Mbeli and Ntsina blocks to Petrobras in June 2011. In December 2013, OMV farmed-in to the four blocks and will take a 10% interest in Mbeli and Ntsina and 30% in Gnondo and Manga (transaction subject to Government approval).
Ophir has defined three main play areas across the four blocks: the Pre-salt, a deepwater extension to the Ogooue Delta play and a deepwater play analogous to the one being explored with success in the conjugate margin of the Sergipe-Alagoas basin offshore Brazil.
A number of 2D and 3D surveys have been acquired across the blocks in recent years and prospects have been identified for drilling in both the Pre-salt and Ogooue Delta plays. The Stenella 3D survey which was shot in 2012 across the Mbeli and Ntsina blocks employed the latest seismic technologies that have been utilised successfully to image the pre-salt discoveries in the Santos Basin offshore Brazil. The results of this survey show a significant improvement in imaging compared to legacy seismic data.
The company has drilled two wells to date in Gabon. The Franke Noir-1 well on the Ntsina block and Ngollon-1 well on the Manga block were drilled in late 2008 on post-salt targets and whilst unsuccessful, they significantly improved the understanding of the petroleum system within the blocks.
In 2014 three wells are planned including two on the pre-salt play across the Mbeli and Ntsina blocks. The first well, Padouck Deep, was unsuccessful but derisked certain elements of the play.
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