Shares in the African energy firm Ophir leapt almost 15 per cent on Monday after it announced a record gas discovery off the coast of Tanzania.
The firm said the 4.5tr cubic feet (TCF) of gas discovery at its Jodari-1 well, exceeded pre-drill estimates by 55%.
The find marks the fourth consecutive gas discovery in the area for the joint venture between Ophir and BG Group - and the largest by Ophir in its history.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"These excellent Jodari-1 results are important for the future development of Tanzanian offshore industry and for the Ophir-BG partnership," said Ophir's Chief Executive, Nick Cooper.
"This is a very strong start to our five well 2012 Tanzania drilling campaign and the Metro-1 drillship will now move to drill Mzia-1, which is targeting mean recoverable resources of 4.6 TCF," he said.
Jodari-1 was the fourth well to be drilled by the Ophir-BG joint venture in their jointly held acreage and was the first well to be operated by BG.
Ophir holds 40% of Blocks 1, 3 and 4 where the drilling has taken place; BG owns 60% of the operation.
-
The top areas for buy-to-let rental yieldsRental growth is slowing and regulations are rising but landlords can still earn a decent return from property investing.
-
Review: Cobblers Cove, Barbados – your hotel home in the CaribbeanMoneyWeek Travel Cobblers Cove is a beautiful, family-run retreat on the island of Barbados
