Ophir Energy upgrades Jodari field resource estimate

Ophir Energy has increased its resources estimate of the Jodari field in Tanzania by 700bn cubic feet to 4.1trn cubic feet.

In an operational update Wednesday, the company reported encouraging results from the field following an appraisal programme and drill stem test (DST).

"We are pleased that appraisal and DST data from Jodari-1 has increased confidence in the world-class reservoir and led to a 22% increase in this anchor asset for Tanzania's first liquefied natural gas project," said Chief Executive Officer, Nick Cooper.

The group also announced it was preparing a DST for the Cretaceous Mzia discovery in Tanzania, with results due in late April. Ophir estimated a flow test rate of 10-20m standard cubic feet per day would be commercial for development of the asset.

Following completion of the Jodari and Mzia testing programme, the company will commence drilling at the Ngisi prospect at Block 4 in Tanzania. The resource is pegged at 1.3trn cubic feet with a 70% success rate.

In Ghana, the group was awarded a contract to drill the Starfish prospect. Starfish-1 will be located in water depths of 1,360 metres with a target depth of 3,750 metres and is expected to be drilled in early June 2013.

A mean prospective resource of 292m barrels of oil equivalent is forecast with a 20% chance of success.

RD