Ophir Energy Contracts Stena Drilling to Explore Starfish

Ophir Energy awarded Stena Drilling a contract to drill the Starfish prospect located in the deep waters of eastern Ghana. The Starfish-1 well will be drilled by the Stena DrillMAX (UDW drillship) in or around June 2013.

The well will target a large, fan complex that is interpreted to be comparable to the Jubilee field that lies in western Ghana. Tap Oil Ltd., a partner on the field, estimates that the well will target prospective resources in the amount of half a billion barrels, stated Tap Oil in a released statement.

Starfish is measured to hold 40 p/sh unrisked reserves, according to an energy analysis conducted by Tudor Pickering Holt. Ophir Energy’s stock decreased by 1.3 percent since the company decided to not drill in Tanzania Block 1 until late September, the report added.

When drilling recommences in this block, Ophir will initially focus on step-out exploration and appraisal drilling around the 3.4-Tcf recoverable Jodari discovery is set to confirm the first LNG hub for development in Tanzania.

Starfish is situated in the Accra Contract area – an emerging oil province on the Western Africa Transform Margin, along the northern Gulf of Guinea – reported Tap Oil. Several discoveries have been made in this area including the Jubilee field. The offshore Accra Contract area spans about 247 acres in water depths ranging from less than 164 feet to greater than 8,202 feet.

Ophir Energy operates the prospect with a 20 percent interest. Other interest holders include Afex Oil Ltd. (20%); Vitol Upstream (30%); Rialto Energy Ltd. (12.5%); and Tap Oil (17.5%).


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