Ophir to start biggest ever drilling programme

Ophir, the Africa-focused oil and gas firm, said it was about to enter the most active period in its history.

In its first update since raising $384m and listing on the Premium segment of the FTSE in July, the firm said it would begin a nine to thirteen well programme over the next twelve months.

It also said it had struck a deal to obtain extra acreage in Equastorial Guinea, allowing the firm to move forward into a second drilling programme, with planning under way for a campaign to commence as early as possible in 2012.

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The full drilling programme would span a mix of proven and frontier plays, targeting around 2.4bn barrels of oil equivalent of net unrisked resources, the firm said.

"The campaign commences imminently in December 2011 with the drilling of the first of five wells in Tanzania, Ophir said.

"Ophir has a presence in four of the five key emerging sub-Sahara plays and the group is well funded for its future plans."

The company said its cash position as of 30 September 2011 was $423.63m.