Block R Pays Ophir More Exploration Dividends

Offshore Equatorial Guinea Ophir Energy has successfully completed its 2012 three-well drilling program on Block R. According to the company all three wells drilled exceeded pre-drill recoverable resource estimates, with its last well, the Fortuna West-1 adding additional recoverable reserves.

The Fortuna West-1 well encountered a 72-meter gas bearing column containing a total 60 meters of net pay in the primary target Late Miocene sands of the western lobe of the Fortuna Complex. Ophir said the gas quality appears to be consistent with that observed in previous gas discoveries in Block R. Pressure measurements indicate communication between the Fortuna-1 and Fortuna East-1 well, confirming the aggregate 101-meter gas column in the Fortuna Complex.

The additional gross mean recoverable resources for the western lobe of the Fortuna Complex as defined by this well are 397 Bcf (66 MMBOE), exceeding pre-drill estimates of 299 Bcf (58 MMBOE) by 33%. Confirmation of the western lobe increases the total contingent resources (2C) category for the Fortuna Complex to 1,195 Bcf (199 MMBOE).

Delineation of the deeper secondary target, the underlying mid-Miocene Viscata Prospect, previously encountered in both Fortuna-1 and Fortuna East-1, was also successful. The Fortuna West-1 well was positioned to test the lateral extent of the accumulation and encountered an interpreted 37 meter gas column containing a total of 11 meters of net pay within excellent quality reservoir with an average porosity of 30%. The gas column is consistent with a common gas-water contact (GWC) observed within the earlier Fortuna-1 and Fortuna East-1 wells.

The company said that based on this result the estimated gross mean recoverable resources of the Viscata Prospect are 618 BCF (103 MMBOE). Further gas-bearing sands were encountered at levels deeper than the Viscata GWC, but given the early stage of the post-well analysis their contribution to the resource base is yet to be determined.

The main reservoir section of the shallower, secondary Felix exploration target was found to be water wet, however thin gas-bearing sands were encountered immediately above the target interval. Preliminary petrophysical analysis shows the sands to be of good quality. Further analysis is required to determine the presence of a possible up-dip gas accumulation. The well also penetrated the lateral, stratigraphic equivalent interval of the Tranquilla exploration prospect first tested in the Fortuna East-1 well and confirmed good quality reservoir. This stratigraphic test further de-risks the fore-thrust play across Block R.

Nick Cooper, CEO of Ophir said:  “The success of Fortuna West-1 across multiple targets improves our overall understanding of the Fortuna Complex and Viscata Channel Levee Complex within Block R. The well discovered over 1.0 TCF (166 MMBOE) of recoverable gas, and has significantly derisked other exploration targets within the Block. Based on the results of this three-well drilling campaign, we have increased our 2C resource estimate to 3.0 TCF (500 MMBOE), and have reduced the risk on the remaining estimated 10 TCF (1,666 MMBOE) of inventory. The Fortuna wells combined with the Tonel discovery provide confidence to proceed with commercializing the gas via LNG export. A follow-up exploration and appraisal drilling program in 2013 will further advance this valuable gas asset toward development.”