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Ophir Energy reveals new Tanzania gas discovery

Published: 09:14 02 Oct 2014 BST

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Ophir Energy (LON:OPHR) has unveiled a new gas discovery offshore Tanzania.

The BG operated Kamba well in Block 4 encountered a 140 metre gas column with what is described as “high net to gross, good quality, reservoir sands”.

It is a better than expected result and further analysis is likely to confirm discovered gas volumes in excess of 1.03 trillion cubic feet (tcf), Ophir said.

While Ophir’s recent exploration efforts across its wider portfolio went unrewarded, Kamba marks the sixteenth consecutive discovery in Blocks 1, 3 and 4 offshore Tanzania.

"The Kamba discovery has now confirmed sufficient aggregate resource in Block 4 to supply one 5MMTPA train of LNG,” Ophir chief executive Nick Cooper said.

“In combination with the discovered resource in Block 1, the Block 1 and 4 joint venture is now close to the threshold resource volumes for three 5MMTPA LNG trains.”

Kamba is the final well in the partner’s current drilling campaign, and Ophir will now take the Deepsea Metro I drillship for its separate two-well programme on the East Pande and Block 7 acreage.

Ophir’s first well will be Tende-1, which targets a 2.38tcf gas resource in the lower Cretaceous. The well will be located in the East Pande licence, in a water depth of about 680 metres between the Tanzanian coast and the significant discoveries in Blocks 1 and 2.

Tende is expected to take 35 days to drill and it has a predicted 15% chance of success.

After Tende, Ophir will drill the Mkuki well in Block 7. This target is located to the north of discoveries in Blocks 1, 2 and 3. It is a 2.2tcf target in a Tertiary reservoir, with a 13% chance of success.

In Block 3, meanwhile, Ophir is to become the project operator following a decision by BG to exit this asset. Accordingly Ophir’s interest in the project will increase to 80%.

“Ophir is the most active explorer in Tanzania in 2014 and the drilling programme continues with the first of two operated exploration wells in the East Pande and then the Block 7 PSCs,” Cooper added.

“We are also pleased to re-assume operatorship of Block 3 to explore the potential of further upside."

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