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.

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

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Bitcoin: fool’s gold or the new gold?
Bitcoin

Bitcoin: fool’s gold or the new gold?

With bitcoin hitting new highs last week, and close to becoming a mainstream investment, is it really gold for the 21st century?
15 Jan 2021