Ophir prepares to drill first wells offshore Thailand

Ophir Energy is close to securing a rig to drill offshore Thailand later this year on acreage the company gained following its takeover of Salamander Energy.

Offshore staff

LONDONOphir Energy is close to securing a rig to drill offshore Thailand later this year on acreage the company gained following its takeover of Salamander Energy.

The company plans two exploration wells on the G4/50 license.

Elsewhere in the region, Ophir says a 10,800-sq km (4,170-sq mi) 3D seismic data it commissioned offshore Myanmar has been completed.

After integrating Salamander’s operations and another asset package acquired from Niko, Ophir has implemented a company-wide cost rationalization program designed to achieve $60 million annually in cost savings by removing overlapping, streamlining of operations, and lower group and contractor staffing levels.

Ophir is closing five of its 11 offices and has scaled back operations at the other six.

The company adds that it has only $100 million of contractually committed exploration and appraisal expenditure between now and 2017, and that its costs for the proposed Tanzania LNG project are manageable with only $40 million of spending allocated through 2016.

07/06/2015

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