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Ophir Awarded Myanmar Licence

Source: www.gulfoilandgas.com 3/27/2014, Location: Asia

Ophir Energy plc is has been provisionally awarded a block in the Myanmar offshore licensing round.

Nick Cooper, CEO, commented:
"We are delighted to have been provisionally awarded this new offshore licence in Myanmar where the licensing round was highly competitive with several Major oil companies being awarded blocks adjacent to ours. Whilst this is our first licence award outside of Africa it is in keeping with our strategy of focusing on acquiring deepwater acreage with large footprints and significant running room.

Myanmar licence award
Ophir has been provisionally awarded a 95% operated interest in deepwater Block AD-03 offshore Myanmar as part of the current licensing round. The award is subject to finalisation of a Production Sharing Contract with the Ministry of Energy. The Block is approximately 10,000 km2 in size and is located in the Rakhine basin, on trend with the multi-TCF Shwe gas field. The initial exploration period will see Ophir re-process existing 2D seismic and acquire 3D seismic data.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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