Preliminary Results of Ophir for 2011 in Uganda

Source: 3/21/2012, Location: Africa

Ophir Energy plc (Ophir) announces its Results for the year ended 31 December 2011. Nick Cooper, CEO, Ophir Energy Said: “2011 was a transformational year for Ophir. The Group successfully completed a $384mm IPO during a period of difficult market volatility. The Group has since joined the FTSE 250 and has commenced the busiest operational program in its history with a nine well program in 2012.

After the acquisition of Dominion Petroleum Ltd, Ophir’s East African portfolio position has grown such that the Group is now the largest acreage holder in the fast evolving offshore East African play. This compliments the Group’s extensive portfolio of interest in West Africa and enables Ophir to be an active driller on both sides of the continent in 2012 and beyond. Looking into 2013, early stage preparations are already underway for a further twelve wells across our core countries.The Board looks to the future with confidence and excitement.”

Chairman’s and Chief Executive Officer’s Joint Review

Corporate Overview
2011 saw Ophir successfully list on the main board of the London Stock Exchange. Ophir joined the FTSE 250 in November 2012. The IPO was set against a backdrop of turbulent capital markets and relatively low levels of new equity issuance and Ophir ended the year as the best performing IPO stock for 2011.

In October 2011 Ophir announced a proposal to acquire the share capital of AIM-listed Dominion Petroleum Ltd in an all-stock transaction. The acquisition closed in February 2012 and expanded the Group’s portfolio in East Africa via the addition of five exploration licences, with three being complementary to Ophir’s existing deepwater portfolio. As a result Ophir now has one of the largest portfolio’s of operated and non-operated acreage in the exciting emerging offshore East African play.

Operationally, 2011 saw two wells completed. The Chewa-1 well in Tanzania was the third in a series of back-to-back gas discoveries in Tanzania. The Kora-1 well in the AGC joint development area was unsuccessful but costs were mitigated through a series of farmout agreements. In 2012 the Group is undertaking the busiest drilling program in its history, with drilling underway in Tanzania, a rig procured for an imminent program in Equatorial Guinea and nine wells expected to be spudded by the end of the year. Preparations are also underway for a twelve well program in 2013, contingent on additional financing. Ophir ended 2011 with net contingent (2C) resources of 210 mmbboe and netrisked prospective resources of 1,882 mmboe.

Portfolio Management
Ophir continues to actively manage its portfolio to best deploy its capital resources against the most prospective acreage and plays. In 2011 the Group farmed out interests in the Mbeli and Ntsina licenses in Gabon to Petrobras and an interest in the AGC Profond license to Noble Energy. The Group acquired interests in the East Pande license in Tanzania by way of a farm-in agreement with RAKGas and acquired five further exploration interests via the Dominion transaction in Block 7 (Tanzania), Blocks L9 and L15 (Kenya), Area 4B (Uganda) and Block 5 (DRC). Ophir currently has interests in 22 licences in 11 countries and jurisdictions, 14 of which are operated, 18 of which are offshore and 4 of which are onshore.

Uganda (Exploration Area 4B)
Exploration Area 4B (EA4B) is a 993 km2 license located in south-west Uganda and is inclusive of the majority of the Ugandan section of Lake Edward. Ophir now holds 100% participating interest and operatorship in EA4B. In early 2008, an airborne gravity and magnetic survey was acquired which proved a presence of substantial thickness of sedimentary rocks capable of generating oil. A satellite radar-imaging survey has suggested the presence of oil seeps on Lake Edward. During the second half of 2008, around 540 km of 2D seismic was acquired on land and lake areas. Interpretation of the seismic has shown the presence of a deep sedimentary basin broken into fault blocks by numerous extensional faults. In 2010, Dominion drilled the Ngaji-1 well to a total depth of 1765m. The well did not identify hydrocarbons but did confirm the presence of high quality reservoir sands On April 27, 2011, Dominion applied for the renewal of the exploration licence for EA4B for the third two-year period, which expires in July 2013. This continues to be discussed with the Government of Uganda.

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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

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