Ophir Energy (LON:OPHR) has finalised its acquisition of Block AD-03, offshore Myanmar, with the signing of a production sharing contract with the country’s Ministry of Energy.
"Ophir is continuing to act counter cyclically to expand its exploration portfolio,” said chief executive Nick Cooper.
“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."
Ophir has a 95% interest in Block AD-03, in the Rakhine Basin, and it is committed to re-process existing 2D seismic data and promptly acquire 3D seismic.
The block, spanning 10,000 square kilometres, is on-trend with the producing Shwe gas field which contains multiple TCF (trillion cubic feet) gas discoveries.