Ophir Signs Myanmar PSC

Ophir Energy on Friday announced it has signed a Production Sharing Contract (PSC) with the Myanmar Ministry of Energy which finalises the award of Block AD-03 offshore Myanmar.

The company has a 95% operated interest in the block which is located in the Rakhine Basin. The block is approx. 10,000 km2 in size and is on trend with the multi-TCF producing Shwe gas field, Ophir said.

The UK based firm will re-process existing 2D and will promptly acquire 3D seismic data as part of the initial exploration period, the company said.

“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,” Nick Cooper, CEO of Ophir, commented.

Ophir, which mainly holds assets in Africa, has been lately diversifying its portfolio by expanding its footprint in southeast Asia. The company has bought acreages in Mynamar and Indonesia and has also offered to buy Salamander Energy.