27th Mar 2014 12:05
LONDON (Alliance News) - Ophir Energy PLC Thursday said it has provisionally been awarded an exploration block in the Myanmar offshore licensing round, while drilling operations have now commenced on both the Affanga Deep-1 well on the Gnondo Block, offshore Gabon, and the Taachui well on Block 1, offshore Tanzania.
The award, for a 95% operated interest in deepwater Block AD-03 offshore Myanmar as part of the current licensing round, is subject to finalisation of a Production Sharing Contract with the country's Ministry of Energy.
The block is around 10,000 kilometre squared in size and is located in the Rakhine basin. The initial exploration period will see Ophir reprocess existing 2D seismic and acquire 3D seismic data.
"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," Ophir Chief Executive Nick Cooper said in a statement.
"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," he added.
The stock was trading at 241.90 pence Thursday morning, down 0.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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