Ophir Energy Finds 1 TCF of Gas in Tanzania

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Ophir Energy (LSE:OPHR) said Wednesday it has made a new gas discovery in Tanzania.

In a statement, the FTSE 250 oil and gas explorer said the Taachui well encoutered 155 metres of net gas pay equivalent to an estimate of about 1 trillion cubic feet (tcf) of gas.

“The size of the gas column is such that the discovery could extend into a second compartment to the west which has the potential to be of a similar size,” Ophir Energy said, saying that an appraisal well will  be required to confirm the potential upside.

Ophir Energy has a 20-percent stake in Block 1, where the said well was drilled, with 60 percent  held by BG Group (LSE:BG.), and the remaining 20-percent was sold recently to Singapore-based Pavilion Energy for US$ 1.25 billion.

The latest discovery the said block now revises the total gross resource in the area, which is estimated at 16.7 tcf, nearing the company’s target for a third liquefied natural gas (LNG) train in the said acreage.

Ophir Energy, which boasts of a 100 percent success rate in its drilling campaigns in Tanzania, intends to drill 10 wells by the end of 2014.

Shares of Ophir Energy opened 0.2 percent lower to 259 pence, on the London Stock Exchange, with BG Group shares following suit at 0.5 percent lower to 1,222.00, despite being given a buy rating by the Citigroup the other day.

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