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October 21, 2014

Ophir Energy flows gas at Fortuna-2 well in Equatorial Guinea

UK-based exploration firm Ophir Energy has flowed gas at the Fortuna-2 well in Block R, Equatorial Guinea.

UK-based exploration firm Ophir Energy has flowed gas at the Fortuna-2 well in Block R, Equatorial Guinea.

Ophir Energy holds 80% interest in Block R and GEPetrol holds the remaining stake.

The drill stem test (DST) conducted at the well achieved a sustained flowrate of 60MMscfd with a drawdown of less than 20psi at the reservoir.

The well is estimated to deliver a production rate of 180MMscfd based on the expected operating conditions of the FLNG facility.

"This excellent flow rate confirms the deliverability of the first phase Fortuna development and completes the subsurface de-risking prior to FEED."

The flow rate, at minimal drawdown, will allow Ophir to reduce the number of development wells from seven it initially planned for scoping work of the Fortuna reservoir.

Ophir Energy CEO Nick Cooper said: "This excellent flow rate confirms the deliverability of the first phase Fortuna development and completes the subsurface de-risking prior to FEED.

"We now turn to completing the negotiation of gas terms with the Government and to the award of the contract for the mid-stream consortium; both of which are anticipated in Q4 2014."

The Fortuna field complex has estimated mean recoverable resources of 1.3TCF and will form phase one of the FLNG development.

The total estimated mean recoverable resources of Block R, including the discoveries and adjacent de-risked volumes, are currently 3.4TCF.

The incremental volumes are planned to be produced in the later phases as the Fortuna field comes off plateaux.

Ophir Energy is now required to sign the agreement of gas fiscal terms and select the consortium to construct, own and operate the mid-stream project.

Both of the moves are expected to be complete by the end of this year.

The upstream and midstream FEED contracts are expected to be awarded in early 2015, while a FID is planned in 2016 and first gas in 2019.

Energy

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