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.

By MoneyWeek

published 16 May 2013

in Features

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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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.

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.