13th Nov 2013 14:54
LONDON (Alliance News) - Ophir Energy PLC said Wednesday a third appraisal well at its 40%-owned Mzia discovery in Tanzania has been successful.
BG Group PLC is the 60% owner and operator of Block 1, where the new well was drilled, as well as Blocks 3 and 4, where Ophir also participates at 40%.
Ophir said the Mzia-3 appraisal well was drilled approximately six kilometers north of the original Mzia-1 discovery well and targeted the main Lower sands that comprise the majority of the resource in the field and upside in the Middle sand package that was encountered in the Mzia-1 well. It said the new well encountered 56 metres of net pay, combined in the Lower and Middle sands, and has confirmed reservoir quality in-line with that seen in the Mzia-1 and Mzia-2 wells.
Mzia-3 also found gas 107 metres deeper than the previous two wells, leading to an increase in discovered resource estimates by 0.7 trillion cubic feet to 5.2 trillion cubic feet, Ophir said.
"The Mzia-3 result is another positive appraisal well on our discoveries in Blocks 1, 3 and 4 and confirms Mzia as an anchor asset in the planned LNG development," said Chief Executive Officer Nick Cooper in a statement.
Ophir shares were quoted at 330.60 pence per share, down 0.3%, while BG Group shares were down 1.3% at 1,253.00p.
By Tom Waite; [email protected]; @thomaslwaite
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