UK-based oil and gas exploration firm Ophir Energy has signed a production sharing contract (PSC) with the Myanmar Ministry of Energy, finalising the award of the offshore Block AD-03 prospect.
The company holds a 95% operated interest in the block, which is located in the Rakhine Basin.
The 10,000km² block is on trend with the multi-TCF producing Shwe gas field.
As part of the initial exploration period, Ophir will re-process existing 2D seismic data and acquire new 3D seismic data.
Ophir Energy CEO Nick Cooper said: "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."
Since its foundation in 2004, Ophir Energy has acquired a portfolio of exploration interests featuring 17 projects in nine jurisdictions in Africa.
Ophir Energy has recently agreed to acquire the interests in seven deepwater PSCs in Indonesia from Niko Resources.
The seven fields, spanning 21,500km², hold prospective resources of more than 3 billion barrels of oil equivalent.