Ophir Energy plc announced Friday that it has signed a Production Sharing Contract (PSC) with the Myanmar Ministry of Energy which finalizes the award of Block AD-03 offshore Myanmar.
Ophir has a 95 percent operated interest in the block which is located in the Rakhine Basin. The Block is approximately 3,861 square miles (10,000 square kilometers) in size and is on trend with the multi-trillion cubic feet, producing Shwe gas field.
Ophir will re-process existing 2D and will promptly acquire 3D seismic data as part of the initial exploration period.
Nick Cooper, CEO of Ophir, commented:
“Ophir is continuing to act counter cyclically to expand its exploration portfolio. The Block AD-03 PSC contains multiple mapped prospects with world class potential and we now look forward to completing a 3D seismic survey to refine this prospectivity.”
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