Ophir Energy plc (“Ophir” or “the Company”) announces the successful Drill Stem Test (DST) on the Fortuna-2 well in Block R, Equatorial Guinea. Ophir holds 80% of Block R and GEPetrol 20%.

After successfully drilling and coring the Fortuna-2 well, a DST was conducted to prove the deliverability of the Fortuna gas field. The DST achieved a sustained flowrate of 60MMscfd with a drawdown of less than 20 psi at the reservoir. This rate was surface equipment constrained. Based on the expected operating conditions of the FLNG facility, the well is estimated to have been able to deliver a production rate of c.180MMscfd via the 5” drill pipe that was used for the DST. The excellent flow rate, at minimal drawdown, is a strong indication that the number of development wells required for the Fortuna reservoir will be reduced from the seven initially assumed in scoping work, thereby improving development economics. During pre-FEED, this result will be evaluated, in conjunction with the core, to create reservoir models that will then help determine the final number of development wells.

The Fortuna field complex has estimated mean recoverable resources of 1.3TCF and will form the first phase of the FLNG development. This result further de-risks the Miocene turbidite play that forms all of the Block R accumulations. The total estimated mean recoverable resources of Block R, including the discoveries and adjacent de-risked volumes, are now 3.4TCF. The incremental volumes (1.2TCF from the Silenus Complex, 0.5TCF from Tonel and 0.4TCF from other smaller discoveries) will be produced in the later phases of the development as the Fortuna field comes off plateaux.

The next milestones for the Block R FLNG development will be (i) the agreement of gas fiscal terms and (ii) the selection of the consortium to build, own and operate the mid-stream project. Both of these are anticipated by end 2014.

The award of the upstream and midstream FEED contracts is planned in early 2015. FID is expected in 2016 and first gas in 2019.

Nick Cooper, CEO, commented:

“This excellent flow rate confirms the deliverability of the first phase Fortuna development and completes the subsurface de-risking prior to FEED. We now turn to completing the negotiation of gas terms with the Government and to the award of the contract for the mid-stream consortium; both of which are anticipated in Q4 2014.”

About Ophir Energy plc

Ophir Energy is an African focused, world-class upstream oil and gas exploration company which is listed on the London Stock Exchange. Ophir as an intensive deepwater acreage in West and East Africa acquired since is fondation in 2004.
The Group's headquarters are located in London (England), with operational offices in Perth (Australia), Dar es Salaam and Mtwara (Tanzania), Malabo (Equatorial Guinea), Libreville (Gabon), Nairobi (Kenya) and Accra (Ghana).