Ophir aims at LNG development following deepwater Equatorial Guinea gas find

Ophir Energy (LN:OPHR) has confirmed a sixth gas discovery in block R offshore Equatorial Guinea.

Sep 17th, 2012

Offshore staff

LONDON – Ophir Energy (LN:OPHR) has confirmed a sixth gas discovery in block R offshore Equatorial Guinea.

The Fortuna West-1 (R6) well, drilled by the semisubmersibleEirik Raude in 1,758 m (5,767 ft) of water, encountered a 72-m (236-ft) gas-bearing column with 60 m (197 ft) of net pay in the targeted Late Miocene sands of the western lobe of the Fortuna complex. Ophir estimates recoverable resources at 397 bcf, 33% above pre-drill estimates.

Gas quality appears consistent with that observed in discoveries on the block. Pressure measurements indicate communication between Fortuna-1,Fortuna East-1, and Fortuna West-1.

Delineation of the underlying mid-Miocene Viscata prospect, previously encountered in both Fortuna-1 and Fortuna East-1, also succeeded. The latest well was positioned to test the lateral extent of the accumulation and encountered an interpreted 37-m (121-ft) gas column with 11 m (36 ft) of net pay and good quality reservoir, with average porosity of 30%.

Ophir estimates mean recoverable resources from Viscata at 618 bcf. Further gas-bearing sands were also encountered deeper down. The well also penetrated the lateral, stratigraphic equivalent interval of the Tranquilla exploration prospect first tested in Fortuna East-1, confirming good quality reservoir.

Block R contingent resources (2C) have now been revised upward to 3 tcf. Additionally, the stratigraphic tests of Tranquilla and Iambe have further de-risked the remaining inventory of more than 10 tcf.

Nick Cooper, CEO of Ophir, said: “The Fortuna wells combined with theTonel discovery provide confidence to proceed with commercializing the gas via LNG export. A follow-up exploration and appraisal drilling program in 2013 will further advance this valuable gas asset toward development.”

9/17/2012

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