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

Most Popular

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Commodity supercycle or not, here’s a metal that’ll still be in demand – tin
Industrial metals

Commodity supercycle or not, here’s a metal that’ll still be in demand – tin

Commodity prices may have come off the boil recently. But for tin, the only way is up. Dominic Frisby picks the best ways to invest.
7 Jul 2021
Three companies that are reaping the rewards of investment
Share tips

Three companies that are reaping the rewards of investment

Professional investor Edward Wielechowski of the Odyssean Investment Trust highlights three stocks that have have invested well – and are able to deal…
19 Jul 2021