Fortuna Shines on Ophir in Equa G

Block R drilling has paid off for Ophir Energy once again as its Fortuna East-1 (R5) step-out exploration well successfully encountered gas. The gas was encountered in the eastern lobe of the Fortuna Complex. In addition, the well discovered gas in the deeper Viscata target.

The Fortuna East-1 (R5) well achieved its three objectives, which were:

1) Primary objective to confirm the eastern extent of the Fortuna Complex
2) Secondary objective to test the Viscata exploration target, and
3) Tertiary objective to encounter the laterally equivalent potential reservoir intervals for the Tranquilla and Iambe prospects.

Ophir said the well encountered a 55-meter gas bearing column containing a total 40 meters of net pay in the primary target Late Miocene sands of the eastern lobe of the Fortuna Complex. The gas quality appears to be consistent with that observed in previous gas discoveries in Block R. Pressure measurements indicate communication between Fortuna-1 and Fortuna East-1 confirming an increased 101-meter gas column in the Fortuna Complex.

The company said that the gross mean recoverable resources for the Eastern lobe of the Fortuna Complex as defined by this well are 426 Bcf, which exceeded its pre-drill expectations. Confirmation of the Eastern lobe, will increase the contingent resources (2C) category of the Fortuna Complex to 798 Bcf.

The exploration of the underlying mid-Miocene Viscata exploration prospect was also successful. The well was drilled in a non-crestal position for the Viscata prospect and discovered an 8 meter gas column within good quality reservoir with a porosity of 21% and a net to gross pay of 48%. The reservoir shares a common gas-water contact with the earlier Fortuna-1 discovery well. The pre-drill estimate for the Viscata exploration target was 359 Bcf. The forthcoming Fortuna West-1 step-out exploration well will further define the accumulation and enable estimation of the resource potential of the Viscata discovery.

The Eirik Raude rig has now moved to the Fortuna West-1 (R6) location to test the western lobe of the Fortuna Complex and the Felix exploration target. Results from this well are anticipated in early September 2012.

Nick Cooper, CEO of Ophir said, “The success of Fortuna East-1 improves our understanding and adds further resources to the Fortuna Complex. This combined with the recent Tonel discovery provide anchor assets for the LNG development. The result increases the Fortuna Complex’s 2C resources by 114% to 798 bcf (133 MMBOE), and provides further confidence in the potential of the exploration inventory.

“The Viscata gas discovery and the stratigraphic tests of the potential Iambe and Tranquilla reservoir intervals are also positive results, derisking the large remaining exploration inventory in Block R, which now amounts to more than 10 tcf of gas.

“Ophir is now drilling Fortuna West-1 (R6), the final well in the 2012 EG drilling program. Fortuna West-1's primary objective is to test the western lobe of the Fortuna Complex. In addition, the well will provide critical information to define the scale of the Viscata discovery and explore the Felix secondary exploration target. Results from this well are anticipated in early September 2012.”