Ophir Energy has signed a Production Sharing Contract with the Myanmar Ministry of Energy which finalises the award of Block AD-03 offshore Myanmar.
Ophir has a 95% operated interest in the block which is located in the Rakhine Basin. The Block is approximately 10,000km2 in size and is on trend with the multi-TCF, producing Shwe gas field.
Ophir will re-process existing 2D and will acquire 3D seismic data as part of the initial exploration period.
Nick Cooper , CEO of Ophir, commented: “Ophir is continuing to act counter cyclically to expand its exploration portfolio. The Block AD-03 PSC contains multiple mapped prospects with world class potential and we now look forward to completing a 3D seismic survey to refine this prospectivity.”