No Oil for Ophir in Okala-1 Well (Gabon)

Ophir Energy plc has announced that drilling operations have now ended on the Okala-1 well in the Mbeli Block offshore Gabon. Ophir has a 50% net operated interest.

The well was drilled by the Vantage Titanium Explorer drillship to a depth of 4,229m MD targeting Cretaceous sands in the pre-salt section. The well encountered a thick section of Aptian salt as prognosed and well developed sandstones in the Gamba and Dentale formations. However, there were no significant hydrocarbon shows in the target reservoirs. Ophir’s share of the Okala-1 well costs was partially covered by carries from the Company’s joint venture partners.

The Vantage Titanium Explorer will now move to Equatorial Guinea to begin a campaign of three exploration and appraisal wells on Block R.

Nick Cooper, CEO, commented: “Okala marks the end of Ophir’s 2014 exploration campaign in Gabon. Initial analysis indicates that the well failed due to either source and/or charge issues at this location. The information gleaned from the 2014 programme will now be used to refine our understanding of the sub-salt basin architecture and source distribution and to direct future exploration activity on the blocks. The Titanium Explorer drillship will now move to Equatorial Guinea for a three well programme designed to enlarge and derisk the resource base in Block R. At least a further 5 well results are expected from drilling in Equatorial Guinea and Tanzania by October.”

Press Release, June 26, 2014


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