Ophir Energy Plc Taachui gas discovery (7706I)

TIDMOPHR

RNS Number : 7706I

Ophir Energy Plc

04 June 2014

Ophir Energy plc

Taachui gas discovery

London, 4 June 2014: Ophir Energy plc ("Ophir" or "the Company") announces the successful results of the Taachui-1 & subsequent Taachui-1 ST1 well in Block 1, Tanzania which has resulted in a new gas discovery. Ophir holds 20% of Blocks 1, 3 and 4. BG Group operates with 60%.

The Taachui-1 well was drilled by the Deepsea Metro I drillship close to the western boundary of Block 1. The well was sidetracked for operational reasons to complete as the Taachui-1 ST1 well and was drilled to a Total Depth of 4215mMD. The well encountered gas in a single gross column of 289m within the targeted Cretaceous reservoir interval. Net pay totalled 155m. Observed reservoir properties are in-line with those encountered at Mzia, the other Cretaceous-aged discovery on Block 1. Estimates for the mean recoverable resource from the discovery are c.1.0 TCF. The size of the gas column is such that the discovery could extend into a second compartment to the west which has the potential to be of a similar size. An appraisal well will be required to confirm this upside and is under consideration by the JV partners.

A Drill Stem Test will now be performed on the Taachui discovery with results expected before the end of June.

Nick Cooper, CEO, commented:

"The Taachui-1 discovery continues the 100% drilling success rate on Blocks 1, 3 and 4 and adds further resource to support the LNG development in Tanzania. The result is important to Ophir for two reasons: firstly it extends the proven hydrocarbon system to the eastern limit of, and partly de-risks, Ophir's East Pande permit on which the Tende-1 well will be drilled later in 2014; secondly the aggregate recoverable volumes of c.16.7 TCF are now approaching the threshold needed to underpin a potential third LNG Train from Blocks 1, 3 and 4."

Ends

For Further Enquiries please contact:

Ophir Energy plc [phone]

Nick Cooper, CEO

Richard Rose, Corporate Communications and Strategy

Brunswick Group [phone]

Patrick Handley

Elizabeth Adams

Notes to Editors

Ophir Energy (OPHR.LN) is an upstream oil and gas exploration company which is listed on the London Stock Exchange (FTSE 250). Ophir has an extensive deepwater acreage position in West and East Africa acquired since its foundation in 2004.

The Group's headquarters are located in London (England), with operational offices in Perth (Australia), Dar es Salaam and Mtwara (Tanzania), Malabo (Equatorial Guinea), Libreville (Gabon) and Nairobi (Kenya)

For further information on Ophir, please refer to www.ophir-energy.com

This information is provided by RNS

The company news service from the London Stock Exchange

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