24th Oct 2014 06:27
LONDON (Alliance News) - Ophir Energy PLC Friday said it has signed a sharing contract to conduct exploration and production at two additional blocks in offshore Gabon.
The new blocks are situated outside of Ophir's existing acerage and are to be called Nkouere PSC and Nkawa PSC. Nkouere covers 675 square kilometres and Nkawa covers an area of 2,085 square kilometres and both cover water depths varying between 2,000 metres and 2,500 metres, it said in a statement.
Ophir's total acreage in Gabon now totals 15,470 square kilometres across six blocks. Ophir has a 100% participating interest and operatorship in the two new blocks. The Gabonese State has the right to acquire a 20% interest in the newly awarded Nkouere and Nkawa PSCs on commencement of production, said Ophir.
The Gabon National Oil Company also has the right to acquire up to an additional 15% interest at market rates, it added.
"Given our learnings from the 2014 campaign, we are pleased to have secured Nkouere and Nkawa PSCs. This frontier play is untested in the West Atlantic margins, and Ophir with the award of these blocks, together with our existing north Gabon acreage, is now able to embark in the next phase of Atlantic frontier exploration, offshore Gabon," said Chief Executive Nick Cooper.
Ophir shares closed at 205.30 pence per share Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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