Ophir Energy expands offshore Gabon with two new blocks
Ophir Energy has expanded its footprint in the highly prospective North Gabon basin after signing agreements for two new offshore blocks.
Ophir Energy
57.50p
16:39 21/05/19
The group said on Friday that it has signed exploration and production sharing contracts (PSCs) for blocks A3 (Nkouere)
and A4 (Nkawa), located outboard of its existing acreage in the basin.
The new assets, in which it has a 100% participating interest and operatorship, lift its total acreage in Gabon to 15,470km square across and raises the total number of blocks to six.
"Given our learnings from the 2014 campaign, we are pleased to have secured Nkouere and Nkawa PSCs," said chief executive Nick Cooper.
Analysis of last year's drilling in North Gabon has "enhanced the prospectivity" of the deepwater distal margin of the basin, the company said.
"This frontier play is untested in the West Atlantic margins, and Ophir with the award of these blocks, together with our existing North Gabon acreage, is now able to embark in the next phase of Atlantic frontier exploration, offshore Gabon," Cooper said.
The Gabonese State has the right to acquire a 20% interest in the new blocks once production starts. The Gabon National Oil Company also has the right to buy up to an additional 15% interest at market rates.