19 Nov 2015 14:46
19 November 2015
Ophir Energy plc
("Ophir")
Results of G4/50-11 Exploration Well
Ophir announces that it has completed operations on the G4/50-11 wildcat exploration in the South Western Graben of the Gulf of Thailand. The well was the second in Ophir's 2015 exploration drilling programme in the G4/50 licence and targeted the Parichat Southwest prospect. The G4/50-11 well reached a total depth of 2,830 metres (True Vertical Depth Sub-Sea) and encountered oil in both the primary Oligocene and secondary Miocene reservoir targets.
Overall the well encountered an aggregate 5.5 metres of net oil pay, but the discovery is considered to be below the economic threshold for a commercial discovery. Importantly this discovery has confirmed for the first time the existence of an active hydrocarbon system in this previously undrilled South Western Graben. The well also encountered a greater thickness of reservoir sands than expected pre-drilling, which is an encouraging result for the future exploration of this basin.
A comprehensive wireline logging process was completed, including the recovery of oil samples from both reservoir intervals.
The G4/50-11 well will now be plugged and abandoned and a detailed analysis of the well data will be conducted. This analysis will determine whether the multiple analogous prospects nearby have been sufficiently de-risked to warrant exploration drilling in 2016.
The rig will now move to the Bualuang Alpha platform to drill a water disposal well. This is part of the project to increase the water handling capacity at Bualuang, thus alleviating a potential production bottleneck.
Ends
For Further Enquiries please contact:
Ophir Energy plc +44 (0)20 7811 2400
Nick Cooper, Chief Executive Officer
Bill Higgs, Chief Operating Officer
Geoff Callow, Head of Investor Relations
Brunswick Group +44 (0)20 7404 5959
Patrick Handley
Carolina Desmeules