18th Feb 2014 09:33
LONDON (Alliance News) - Ophir Energy PLC Tuesday announced that drilling operations have now started on the Padouck Deep-1 well on the Ntsina Block, offshore Gabon.
The oil and gas exploration company said the site is the first well to target a pre-salt play offshore in the North Gabon basin and the prospect is estimated to contain mean recoverable resources of roughly 1.0 billion barrels of oil with significant follow-on potential.
Ophir has a 40% operated interest in the block. In December the company announced plans to increase its interest in the site from 30%, the increase is currently awaiting government approvals.
The company said the well is located in a water depth of roughly 835 metres and has a total planned depth of 3,500 metres with operations expected to take 45 days.
Ophir Energy shares were down 0.8% to 302.60 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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