Ophir scores hat trick
FTSE-250 oil and gas company Ophir Energy has had three better-than-expected results in its drilling programme in block R, Equatorial Guinea.
FTSE-250 oil and gas company Ophir Energy has had three better-than-expected results in its drilling programme in block R, Equatorial Guinea.
All three wells drilled exceeded pre-drilling recoverable resource estimates, the Africa-focused company revealed.
As a result of test drilling on Fortuna West-1 (R6), the sixth gas discovery in block R, the total management estimate of Block R recoverable contingent resources (2C) has been lifted by more than 300% from the pre-2012 drilling programme estimate of 697bn cubic feet, which is 116m barrels of oil equivlent (mmboe), to 3.0trn cubic feet, or 500 mmboe.
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
Ophir has an 80% stake in block R.
"The success of Fortuna West-1 across multiple targets improves our overall understanding of the Fortuna Complex and Viscata Channel Levee Complex within Block R. The well discovered over 1.0trn cubic feet (166 mmboe) of recoverable gas, and has significantly derisked other exploration targets within the Block," said Nick Cooper, Ophir's Chief Executive Officer.
"The Fortuna wells combined with the Tonel discovery provide confidence to proceed with commercialising the gas via LNG [liquefied natural gas] export. A follow-up exploration and appraisal drilling programme in 2013 will further advance this valuable gas asset toward development," Cooper added.
JH
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
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.
-
8 of the best riverside properties for sale
The best riverside properties for sale – from a Grade II-listed former mill house with views over the River Chelmer in Essex, to a townhouse on a Georgian terrace overlooking the Avon Gorge in Clifton, Bristol
-
Will “Liberation Day” strike again?
Donald Trump’s 90-day tariff pause comes to an end on 9 July. Can we expect further market turmoil?