Ophir Primes Bit for AGC Profond JV

Ophir announced that one of its operating subsidiaries has signed a contract with A.P. Moller - Maersk A/S for the use of the dynamically positioned ultra deepwater semisubmersible drilling rig Maersk Deliverer on behalf of the AGC Profond joint venture in the Senegal Guinea Bissau Common Zone that it operates in partnership with L'Entreprise AGC and Rocksource.

Based on the current operational schedule the Maersk Deliverer will arrive on location during Q1 2011. The AGC Profond joint venture proposes to drill the Kora prospect which has an Upper Cretaceous primary reservoir objective located in 2,600m of water. This will satisfy the work program obligations of the second term of the AGC Profond Production Sharing Contract.

The Maersk Deliverer is a state-of-the-art newbuild rig delivered from the Keppel Fels yard in Singapore in June this year. It will undertake several operations in the West Africa region on behalf of other clients before drilling the AGC Profond well.

Ophir's Managing Director Dr Alan Stein commented, "We are delighted to enter into a contract for the Maersk Deliverer to drill on behalf of our AGC Profond joint venture. We have been working in partnership with the Senegal Guinea Bissau Common Zone authorities in Dakar for a long time and this marks a significant milestone in our joint efforts to develop the natural resources of the offshore basin on behalf of the people of Senegal and Guinea Bissau."

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