Equatorial Guinea Operational Update

Ophir Energy plc

 ("Ophir" or the "Company")

Equatorial Guinea Operational Update

Highlights

·; Rig contracted for Ophir's Equatorial Guinea drilling campaign, commencing April 2012

·; Milestone agreement reached relating to commercial structure of second LNG train

Rig contract signed

London, 23 January 2012: Ophir announces the contracting of Ocean Rig's "Eirik Raude", a dynamically positioned semi-submersible rig, to drill its Equatorial Guinea exploration campaign. Ophir plans a 60 day programme beginning in April 2012 of three firm wells, plus one contingent well in its operated Block R. The wells are designed to delineate sufficient additional gas reserves and facilitate a fast-track gas development. To date, Ophir has drilled two gas discoveries in Block R.

The first well will be located close to the earlier Fortuna discovery and will test stacked objectives. Its primary target will be 541bcf of mean prospective resources in the Fortuna fan but it will also test additional secondary exploration targets at other stratigraphic levels. The final well location is currently being determined: a well located on the eastern lobe of the Fortuna fan would in addition test the Viscata prospect (354bcf mean prospective resources) as a secondary target, whilst a well on the western lobe would test the Felix prospect (470bcf mean prospective resources) as a secondary target.

The second well in the sequence will be Tonel-1 (recently upgraded to 650bcf mean prospective resources). The third well in the sequence will be Silenus East-1 (437bcf mean prospective resources).

Milestone agreement reached relating to commercial structure of second LNG train

The Government and all partners of Blocks O, I and R (Ophir and GEPetrol GE) announced on 17th January 2012, that further principles relating tothe commercial structure of the second LNG train in Equatorial Guinea have been agreed.

The partners are now moving to the next phase of the project, which will determine the development plan, plant size and timing. One option being reviewed by the partners would result in Final Investment Decision by the end of 2012, with first LNG from Block R being targeted for 2018.

Nick Cooper, CEO of Ophir Energy said:

"We are pleased to have secured a rig for the Equatorial Guinea programme and look forward to spudding the first well in April. The advancing commercial agreements with the partners in the second LNG train project demonstrate a clear route to commercialising gas discoveries in country."

Ends

For Further Enquiries please contact:

Ophir Energy plc +44 (0)20 7290 5800

Nick Cooper, CEO

FTI Consulting (PR Advisor to Ophir) +44 (0)20 7269 7157

Billy Clegg/Edward Westropp