Ophir Energy Provides Update on Papa-1 Well Drilling

Ophir Energy plc provides update on Papa-1 well drilling in Tanzania (Block 3). The Block 1, 3 and 4 drilling programme, operated by BG (Ophir 40%) continues on schedule. The Deepsea Metro 1 completed operations at the Mzia-1 discovery (Block 1) on 21 May and the vessel then moved to the Papa-1 location in Block 3. The well spudded on 29 May and is estimated to take 65 days to complete. Papa-1 is targeting the Upper Cretaceous intra-slope channel play within the Rufiji delta. The Papa-1 prospect has an unrisked mean estimated recoverable resource of 3.1 TCF (517 MMBOE). Results are expected to be released in late July.

Once Papa-1 is completed the Deepsea Metro 1 will be assigned to Apache for a single well in Kenya on acreage adjacent to Ophir’s Blocks L9 (60%) and L15 (100%), before returning to continue operations with the Ophir-BG Joint Venture in Tanzania.

Nick Cooper CEO of Ophir said:

“Ophir’s 2012 drilling programme has so far delivered the Jodari-1 and Mzia-1 gas discoveries in Tanzania. With the kick-off of our Equatorial Guinea campaign, we are now running simultaneous drilling campaigns in West and East Africa through the summer. A further four well results, targeting a substantial net unrisked resource of 3.0 TCF (500 MMBOE) are anticipated by early September. Shareholders will be updated as these campaigns progress through the summer.”

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