Ophir Energy: Conglomerates at full swing to drill for Oil

Habdavi

JF-Expert Member
Mar 5, 2011
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Ophir Energy kicks off Tanzania
drill programme
Ophir Energy (LON:OPHR) today
reported that its 2012 Tanzania drilling
programme has now started.
It told investors that the drillship Odfjell
Metro-1 is drilling the first of three wells.
First the top section of the Mzia-1 well is
being drilled. This is expected to take 7-10
days to complete. After that the drillship
will move on and drill the Jodari-1 well in
its entirety before returning to complete
the Mzia-1 well.
According to Ophir chief executive Nick
Cooper, 2012 has the potential to be transformational for the company.
"We are pleased to start the year by
kicking off our Tanzanian drilling
programme and also to see drilling and
seismic operations gearing up across our
other key assets. Ophir plans to drill at
least 9 wells across our portfolio in
2012," Cooper said.
Ophir said that 3D seismic programmes
are now underway on the East Pande
licence in Tanzania and the Mbeli and
Ntsina assets in Gabon.
Meanwhile it is expecting to conclude
negotiations for a 3-4 well drill
programme in Equatorial Guinea. This drill
programme is expected to start in late
March, Ophir said. Oriel Securities repeated a ‘buy’
recommendation on Ophir following the announcement. The broker says Ophir will be one of the most active explorers in the FTSE 250 this year.
“The initial three well programme aim to prove up sufficient resources to underpin a two train LNG project which we estimate could be worth 440p a share net to Ophir,” the broker said
 
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