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Ophir unveils Equatorial Guinea exploration plans

posted by www.equatorialguineaonline.com – January 23rd, 2012

Darshini Shah| Mon, 23/01/2012 – 11:07

Ophir Energy (OPHR) has contracted a rig, Eirik Raude, for its Equatorial Guinea drilling campaign.

A 60-day exploration campaign for three firm wells, along with one contingent well in its operated Block R, is being planned for the beginning of April 2012. To date, Ophir has drilled two gas discoveries in Block R.

The first well, with a primary target of 541 billion cubic feet (bcf), will be located close to the earlier Fortuna discovery. The second well, Tonel-1, has been recently upgraded to 650bcf mean prospective resources, while the third well, the Silenus East-1, is estimated to have prospective resources of 437bcf.

However, the final well location is currently being determined. The company confirmed that a well located on the eastern lobe of the Fortuna fan would test the 354bcf Viscata prospect and the 470bcf Felix prospect as secondary targets.

Additionally, the company confirmed that a “milestone agreement” relating to commercial structure of the second liquefied natural gas (LNG) train in Equatorial Guinea had been reached. The partners were now moving to the next phase of the project, which will determine the development plan, plant size and timing.

“We are pleased to have secured a rig for the Equatorial Guinea programme and look forward to spudding the first well in April,” stated chief executive Nick Cooper. “The advancing commercial agreements with the partners in the second LNG train project demonstrate a clear route to commercialising gas discoveries in-country,” he added.

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