Ophir Energy has signed a Production Sharing Contract (PSC) with the Myanmar Ministry of Energy which finalizes the award of Block AD-03 offshore Myanmar.
In March this year, Ophir was awarded a 95% operated interest in deepwater Block AD-03 offshore Myanmar, but the award was subject to finalization of a Production Sharing Contract with the Ministry of Energy. The block is located in the Rakhine Basin, it is approximately 10,000km2 in size and is on trend with the multi-TCF, producing Shwe gas field.
Ophir says it will re-process existing 2D and will promptly 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.”