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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.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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