Ophir to Acquire Interest in Madagascar Block
Ophir Energy plc
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Tuesday, July 13, 2010
Ophir has entered into an agreement with Wilton Petroleum to acquire an 80% interest and Operatorship of a Production Sharing Contract (PSC) over an area designated as the Marovoay Block 2102, onshore Madagascar.
The Block 2102 lies in the coastal area of northwest Madagascar covering an area in excess of 12,000km2. The PSC was awarded to Wilton following a competitive licensing round in 2006.
Wilton has undertaken an initial prospectivity assessment of the block that has included reprocessing of legacy seismic data, extensive field studies and sample analysis. A revised geological model has been developed following this work which has potentially significant implications for the prospectivity of the basin. Ophir proposes to test these geological concepts by acquiring c 3,600km2 of high resolution gravity gradiometry and aeromagnetic data, through a contract with UK potential field specialists ARKeX.
Under the terms of the farm in agreement, Ophir will fund 100% of the cost of acquiring these new data and will reimburse certain back-costs. In the event that Ophir elects to drill, Wilton will be carried through the drilling of the first two exploration wells subject to a financial cap on the extent of the carry.
Ophir's New Business Director Jonathan Taylor commented, "We are delighted to enter into partnership with Wilton Petroleum and the Government of Madagascar to pursue this exciting petroleum play. Ophir has recently utilized high resolution gravity gradiometry data offshore Gabon to great effect and we are confident that the aerial survey to be acquired will make a very significant contribution to our understanding of the geology and prospectivity of Block 2102."
