Ophir unveils drilling developments in Tanzania and Ghana

Africa-focused upstream oil and gas exploration company Ophir Energy has strengthened its financial position by raising proceeds of 832.7m dollars via a placing and rights issue during the period from January 1st until May 16th.

Africa-focused upstream oil and gas exploration company Ophir Energy has strengthened its financial position by raising proceeds of 832.7m dollars via a placing and rights issue during the period from January 1st until May 16th.

In an interim management statement and operational update for this period the group said that material operational progress had been made across the portfolio, with the increase of Jodari and Mzia field recoverable resources and the completion of the Mzia-2 appraisal programme.

Key operational events included an extended contract in Tanzania with Odfell Drilling for Deepsea Metro 1 drillship with partner BG Group for a period of at least 18 months for the continuation of the 2013-2014 East African offshore drilling programme.

The group also carried out the successful Mzia-2 Drill Stem Test on Block 1 Tanzania, confirming that the flow rate was at the upper limit of the expected range of 57m standard cubic feet per day ( mmscf/d).

In Ghana, the group said that it had been awarded a contract for the Stana DrillMAX, Dual Derrick Drillship (Stena) to drill the Starfish-1 well in the Offshore Accra Block.

Nick Cooper, Chief Executive Officer of Ophir Energy, commented: "We have seen considerable operational and financial progress in the first half of 2013, both via the drill bit and through the support for the successful March 2013 placing and rights issue."

He added: "The results of the Mzia-2 appraisal programme represented a key step towards achieving Tanzania's first LNG development project and we await the results of the Ngisi-1 exploration well in June. We are looking forward to an exciting second half of 2013, with further drilling of up to five wells across Blocks 1, 4, and 7 in Tanzania and in the Offshore Accra Block in Ghana."

Ophir Energy's share price was down 0.84% to 389.90p at 13:06 on Thursday.

MF

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023