Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Twice daily
MoneyWeek
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
Four times a week
Look After My Bills
Sign up to our free money-saving newsletter, filled with the latest news and expert advice to help you find the best tips and deals for managing your bills. Start saving today!
Natural gas companies BG Group and Ophir Energy have hailed their fifth consecutive gas discovery in Tanzania with the Mzia-1 well in Block 1 showing 'significant potential upside'.
"Preliminary evaluation of the results indicates 55 metres of natural gas pay in good quality sands," BG said in an announcement this morning, adding that the well has de-risked a numbed of similar prospects which could form part of a future Mzia hub.
BG is the operator in the Blocks 1, 3 and 4 and holds a 60% interest, while its FTSE 250 peer Ophir has a 40% stake.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Prior to drilling the Mzia-1 well, which is located 45km offshore southern Tanzaniz, BG had estimated mean total gross recoverable resources approaching seven trillion cubic feet of gas from the four previous discoveries in the country. "The Mzia-1 result will add substantially to this total," Ophir said in a statement.
"Mzia-1 was the first definitive test of the Upper Cretaceous in Tanzania, and Ophir's highest risk East African well to date. This play-opening result, and other recently announced drilling, have now proven the Upper Cretaceous slope play on the Tanzanian side of the Rovuma Delta and de-risked an inventory of adjacent prospects of similar age," said Ophir's Chief Executive Officer Nick Cooper.
"The success at Mzia-1 is a major step towards a Tanzanian LNG hub development in Block 1. We will now test the equivalent deeper play in the Rufiji Delta in Block 3 with the Papa-1 well," he said.
BC
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
How a ‘great view’ from your home can boost its value by 35%A house that comes with a picturesque backdrop could add tens of thousands of pounds to its asking price – but how does each region compare?
-
What is a care fees annuity and how much does it cost?How we will be cared for in our later years – and how much we are willing to pay for it – are conversations best had as early as possible. One option to cover the cost is a care fees annuity. We look at the pros and cons.
