Ophir Energy Signs Exploration Contract for New Equatorial Guinea Oil and Gas Acreage
October 17 2017 - 11:17AM
The Ministry of Mines and Hydrocarbons (http://MMIE.gob.gq), Ophir
Energy and national oil company GEPetrol have signed a new
production sharing contract (PSC) for Block EG-24 offshore Rio
Muni, Equatorial Guinea. London Stock Exchange-listed Ophir Energy
(LSE:OPHR.L) is already a major player offshore Equatorial Guinea
in Block R, where the company is building Africa’s first deepwater
floating liquefied natural gas project.
Block EG-24 (formerly Block EG-20 and Block M) is one of 20
exploration areas marketed during the EG Ronda 2016
(http://EGronda2016.com) licensing round and is located to the west
of producing fields Ceiba and Okume, covering 3,537 square
kilometers. Ophir Energy will operate the block and have an
80-percent interest. GEPetrol will have a 20 percent stake, with
the option to increase this by another 10 percent if a commercial
discovery is made. 2D and 3D seismic data cover large areas of the
block.
Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang
Lima said: “Ophir Energy is already an innovative and committed
investor in Equatorial Guinea through Block R and the Fortuna FLNG
project. We are delighted to welcome our partners to explore Block
EG-24, which shows amazing signs of yielding enormous oil and gas
reserves. This new deal is a vote of confidence in the oil and gas
sector in Equatorial Guinea and the result of a very well received
global licensing round for a country like ours that has a drilling
success rate above worldwide average. I look forward to Ophir’s
next drilling campaign and a possible discovery.”
The Block EG-24 PSC is based on Equatorial Guinea’s model PSC
and mandates an initial exploration period of two sub-periods of
two years each, plus two extensions of one year each. During the
exploration period Ophir will purchase and process existing seismic
data and acquire and interpret 3,000 square kilometers of new 3D
data. The PSC then specifies a development and production period,
if a commercial discovery is made, of 25 years with one five-year
extension.
Distributed by APO Group on behalf of Ministry of Mines,
Industry and Energy Equatorial Guinea.
Media Contact:James
ChesterNews@EGronda2016.com
SOURCE Ministry of Mines, Industry and Energy
Equatorial Guinea
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