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Ophir Energy lands new exploration acreage offshore Mexico

“These two awards add high impact exploration in a world class hydrocarbon system to Ophir's exploration portfolio."

oil and gas operations
Ophir will have 20% in both blocks

Ophir Energy Plc (LON:OPHR) has landed new exploration acreage offshore Mexico via the Government’s latest licence round.

Through joint ventures the company has been awarded two licence blocks, Block 10 and Block 12, located in the Ridges basin which is described as a proven hydrocarbon system and material prospectivity.

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The company highlighted that multiple leads and prospects have already been identified.

"The addition of Blocks 10 and 12, to our existing position in Block 5, establishes Ophir as a significant acreage holder in the Mexican Ridges and Sureste Basins,” said Nick Cooper, Ophir chief executive.

“Since the recent opening of the Mexican offshore to foreign investment, the first two exploration wells to have been drilled have both resulted in significant oil discoveries.

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“These two awards add high impact exploration in a world class hydrocarbon system to Ophir's exploration portfolio."

Ophir has a 20% stake in Block 10 where it is partnered with Repsol, which will be the operator. The block spans some 2,000 square kilometres, with water depths between 500 metres and 2,000 metres.

For Block 12, the company will also have 20% and it is partnered with Petronas. It covers 2,000 square kilometres, with water depths between 1,500 metres and 2,000 metres.

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