Ophir's Kora-1 Well Disappoints

- Ophir's Kora-1 Well Disappoints

Wednesday, July 27, 2011
Ophir Energy plc

Ophir announced the completion of drilling operations on the Kora-1 well in the AGC Profond Production Sharing Contract (PSC). Final wireline logging is now being carried out and the well will be plugged and abandoned as an unsuccessful exploration well.

Kora-1 was a frontier exploration well drilled by the Maersk Deliverer semisubmersible in 2,600m of water and targeting a salt-cored, dip-closed anticline. The well was drilled to a total depth of 4447.5m subsea.

Formation Evaluation While Drilling (FEWD) data shows that the primary (Albian) and secondary (Coniacian and Barremian) reservoir intervals were penetrated close to their anticipated depths, but the well encountered a predominantly claystone and thinly‑bedded limestone sequence rather than the prognosed sandstone reservoir facies. In the absence of reservoir facies it is difficult to immediately assess the potential presence of hydrocarbons on the available FEWD data. A fuller analysis of the data will be required before the wider implications for the prospectivity of the Senegal-Guinea Bissau portion of the MSGBC Basin can be determined.

In June 2011, Ophir completed the last of a series of farm outs on the asset. After the farm outs, Ophir's costs on the Kora-1 well have effectively been carried by the other partners. The beneficial interests in the AGC Profond PSC and the Kora-1 well are as follows:

• Ophir (Operator) 44.2%
• Noble 30.0%
• l'Entreprise (State company) 12.0%
• FAR 8.8%
• Rocksource 5.0%

The Kora-1 well has fulfilled the work commitment for the current phase of the AGC Profond PSC.

Ophir's Managing Director, Nick Cooper commented, "The failure to find viable reservoir facies has been a disappointment at this location. However, Kora-1 was a frontier, playfinder well and represented the first exploration test of the deepwater Senegal-Guinea Bissau portion of the MSGBC Basin. As such, the well has provided important data with which to calibrate the stratigraphy of this extensive basin.

"The Joint Venture partners will now undertake a full review of the well results and their implications for the plays and significant remaining prospect inventory within the AGC Profond PSC.

"In parallel, Ophir is now preparing for an acceleration in drilling activity, with a 2011-2012 campaign of at least 11 high‑impact wells across Ophir's Tanzania, Equatorial Guinea and Gabonese acreage."

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