logo
Plus   Neg
Share
Email

Ophir Energy Says Rig Contracted For Its Equatorial Guinea Drilling Campaign

Ophir Energy PLC (OPHR.L) Monday announced 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.

The first well will be located close to the earlier Fortuna discovery and will test stacked objectives. The second well in the sequence will be Tonel-1 and the the third well in the sequence will be Silenus East-1.

In addition, the company has reached a milestone agreement reached relating to commercial structure of second LNG train. 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.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Walmart is ditching its dress code policy and is testing a new dress code that will allows "associates" to wear blue denim and shirts of any solid color. The updated dress coded guidelines now allow employees to wear blue "jeggings" and blue jeans and shirts of any solid color, according to a Walmart... Canadian investment firm Fairfax Financial Holdings Ltd. has submitted a "stalking horse" bid worth C$300 million, or $237 million, for the Canadian unit of Toys "R" Us, according to court documents. A stalking horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on its assets. The car rental market in the U.S. is consolidating as large car rental companies are buying smaller, local companies to expand their portfolio of premium and value brands. The key players in the U.S. market include Enterprise Holdings, Hertz Global Holding and Avis Budget Group. Let's take a look at some of the best and worst car rental companies in the U.S.
Follow RTT