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Ophir Energy: Conglomerates at full swing to drill for Oil

Discussion in 'International Forum' started by Habdavi, Jan 17, 2012.

  1. Habdavi

    Habdavi JF-Expert Member

    #1
    Jan 17, 2012
    Joined: Mar 5, 2011
    Messages: 369
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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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