Ophir Energy

Ophir Energy plc (Ophir) is the UK incorporated holding company of a group of companies (the Group) with oil and gas exploration assets in a number of African locations. The Group's headquarters are located in London (England), with operational offices in Perth (Australia), Malabo (Equatorial Guinea) and Dar es Salaam/Mtwara (Tanzania).

 

Ophir has an interest in 17 oil and gas projects in 8 different African jurisdictions. There is an active new ventures effort underway to acquire additional exploration and producing interests in Africa and beyond. Explore our licences on the interactive map below or jump to a listing of our assets by clicking here.  

 

AGC

 

AGC is the ‘Agence de Gestion et de Coopération entre le Sénégal et la Guinée-Bissau’ which is a joint commission set up by the governments of Guinea-Bissau and Senegal to administer the maritime zone between the two countries. The AGC Profond block consists of the deepwater portions of two blocks previously known as Cheval Marin and Croix du Sud. The block covers an area of 9,838km2 and is located in water depths ranging from approximately 75 to 3,500m.

 

CONGO (Brazzaville)

 

 

On 25 April 2005 Ophir entered into a joint venture agreement with Premier Oil plc (PMO) of the UK to collaborate in the pursuit of exploration and production ventures in Congo (Brazzaville). 

 

A Production Sharing Contract (PSC) for the offshore area designated Marine IX was ratified on 22 May 2006.  Ophir has a 31.5% interest, PMO a 31.5% (and is the project Operator), Kufpec Congo (Marine IX) Limited (Kufpec) a 27% interest and the National Oil Company (SNPC) a carried 10.0% interest.

 

PMO has notified the Government of Congo (Brazzaville) of its intention to withdraw at the end of the first exploration period

 

 

EQUATORIAL GUINEA

 

Block R is located in the south-eastern part of the Niger Delta complex, close to numerous significant oil and gas discoveries made in the Nigerian sector, including Akpo (600MMbbl of condensate and 1.2Tcf of gas), Usan/Ukot (600MMbbl of oil and 250Bcf of gas) and Zafiro (1,200MMbbl of oil). The block lies in water depths ranging from 1,300 to 2,600m and has a gross area of 1,674km2.

 

GABON

 

The Mbeli Marin, Ntsina Marin, Manga Marin and Gnondo Marin blocks are situated west and north of the petroliferous Ogooue Delta complex. The Ogooue Delta complex is a proven hydrocarbon province, where over 2,000MMbbl of oil and 900Bcf of gas have been discovered since the 1960s.

 

MADAGASCAR

 

An agreement with Wilton Petroleum Limited (Wilton) was entered into on 13 July 2010 to acquire an 80% interest and Operatorship of a Production Sharing Contract (PSC) over an area designated as the Marovoay Block 2102 onshore Madagascar.

 

The Marovoay Block lies in the coastal area of north-west Madagascar covering an area in excess of 12,000km2.  The PSC was awarded to Wilton following a competitive licensing round in 2006.

 

Wilton has undertaken an initial prospectivity assessment of the block that included reprocessing of legacy seismic data, extensive field studies and sample analysis.  A revised geological model has been developed which has potentially significant implications for the prospectivity of the basin.  Ophir proposes to test these geological concepts by acquiring c 3,600km2 of high resolution gravity gradiometry and aeromagnetic data, through a contract with UK potential field specialists ARKeX Ltd.

 

Under the terms of the farm in agreement, Ophir will fund 100% of the cost of acquiring these new data and will reimburse certain back-costs. In the event that Ophir elects to drill, Wilton will be carried through the drilling of the first two exploration wells subject to a financial cap on the extent of the carry.

 

 

 

Saharawi Arab Democratic Republic 

 

On 16 March 2006 the Company, in partnership with Premier Oil plc (Premier) of the UK, signed four Production Sharing Contracts (PSC) offshore the Saharawi Arab Democratic Republic (SADR) commonly referred to as Western Sahara.  Ophir has a 50% interest in each PSC and is the project Operator.

 

The sovereignty of the territory of SADR is subject to a long standing dispute between the indigenous Saharawi people, as represented by the Government of the SADR, and the Kingdom of Morocco.  The Security Council of the United Nations has been mediating between both sides in an attempt to find a just and diplomatic solution to the decolonisation of Western Sahara.

 

However Ophir's title to these PSCs remains subject to the approval of a UN Resolution granting the SADR international recognition as an independent and sovereign state.  When international recognition has been achieved, the PSCs will be ratified by the SADR Government.

 

This is one of the least explored sedimentary basins in the whole of West Africa.  Preliminary studies suggest that all the necessary elements of an effective petroleum system could be in place but further seismic and geological studies are required.

 

A visit to the camps was made by the JVPs in April 2006 for the official signing ceremony.  Below are some images from that trip. Click a thumbnail below to view a larger size.

 

 

Somaliland 

 

The Republic of Somaliland redeclared its independence from Somalia in 1991.  It remains subject to a sovereignty dispute with neighbouring Somalia but is in active diplomatic discussions with surrounding states and the African Union regarding formal recognition of its independence.

 

In April 2003, Rova Energy Corporation Limited (Rova) entered into the Berbera Production Sharing Agreement (Berbera PSA) with the Government of Somaliland.  Rova was a special purpose company established to acquire and develop the Berbera PSA.  In return for providing early funding, Mvelaphanda was awarded an option to acquire 75% of the issued share capital of Rova.  The remaining 25% was held by a private individual. Ophir acquired this option from Mvelaphanda in October 2004 and in March 2005 exercised its option to acquire 75% of Rova.  In February 2007, Ophir and the private individual agreed to exchange Ophir’s shareholding in Rova for a direct interest in the Berbera PSA.  This was subsequently ratified by the Government in March 2007 (with the transaction completing in May 2007). Ophir then became a direct participant in the Berbera PSA holding an interest of 75% and is the designated operator.  In 2008 Rova agreed to sell its 25% interest in the Berbera PSA to UAE based Ras Al Khaimah Gas Company (RAKgas).  Ophir and RAKgas currently participate in the Berbera PSA through a joint venture governed by a Joint Operating Agreement (JOA).

 

The Berbera PSA originally consisted of four sub-blocks that were designated as 35/36 (onshore) and M10/M10A (offshore).  In 2006, the Group elected to maintain the 35 (onshore) and M10A (offshore) sub-blocks and relinquish 36 and M10.

 

Only three wells have been drilled in the original Berbera Block, two of which were located offshore in block M10, where they encountered minor oil shows.  The third well, the only onshore well in the block, was a 243m deep stratigraphic well.  Three wells, drilled adjacent to the western edge of block 35 (Dagah Shabel 1-2-3) over the period from November 1958 to November 1959, all encountered good oil shows.  The M10A/35 PSA, located in northern Somaliland, is predominantly onshore but also extends offshore into the Gulf of Aden. The block encompasses an area of 16,270km2 with a water depth of approximately 0 to 1,000m

 

 

 

Blocks 1, 3 and 4 offshore Tanzania cover a 20,853km2 area of the Mafia Deep Offshore Basin and northern portion of the Ruvuma Basin, located in water depths ranging from approximately 100m to greater than 3,000m.

 

Tanzania

 

On 28 October 2005, the Group was awarded a 100% interest in Block 1, offshore Tanzania.  The Government of the United Republic of Tanzania has back-in rights of 12% exercisable at any time. In 2006, the Group acquired a 100% interest in Blocks 3 and 4 which commenced on 19 June 2006.  The Government has a back-in right of 15% in these two blocks.

 

On 26 May 2010 the Company announced that BG International Limited had entered into a farm in agreement whereby, subject to the satisfaction of certain earning obligations, it would earn a 60% interest in each of the PSCs.

 

On 29 March 2011, the Group entered into a farm in agreement with Ras Al Khaimah Gas Tanzania Limited (“RAKgas Tanzania”) for the transfer of a 70 per cent. participating interest and operatorship of a PSA relating to the East Pande Block, onshore/offshore basin. Completion of the farm out remains subject to the satisfaction (or waiver by the Group) of certain conditions precedent.

 

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Board of Directors

 

Nicholas Smith – Non-Executive Chairman

Mr Smith trained as a chartered accountant with Ernst & Young. He joined the Jardine Fleming Group in 1986 serving, from 2003, as chief financial officer and as a member of the Executive Committee. Mr Smith became a director of Robert Fleming International Ltd in 1998 and the Director of Origination - Investment Banking serving until 2000. Mr Smith currently serves as a non-executive director for Asian Citrus Holdings Ltd, PLUS Markets Group plc, Sorbic International Ltd., Japan Opportunities Fund II Limited and Schroder Asia Pacific Fund plc.

Mr Smith joined the Board in October 2007 and served as a Non-executive Director and Chairman of the Audit and Nomination Committees until his appointment as Chairman on 4 September 2009. Mr Smith continues to be a member of the Remuneration and Nominations Committees.

Nicholas Cooper BSc (Hons), MBA, PhD – Chief Executive Officer

Dr Cooper began his career as a geophysicist with BG and Amoco in the UK and various international locations. He then spent two years with the energy team at Booz-Allen & Hamilton, advising on upstream and gas development projects. In 1999, Dr Cooper completed an MBA at INSEAD and went on to join the oil and gas team at Goldman Sachs where he held the position of Vice President. In early 2005 he co-founded and became CFO of Salamander Energy plc, the Asia-focussed exploration and production company, which has grown from start-up to FTSE250 constituent.

Dr Cooper joined the Company in early June 2011.

 

Alan Stein BSc (Hons), PhD – Executive Deputy Chairman & Founder

Dr Stein began his career in the UK as a geologist with oil consultants Dolan & Associates where he worked on projects in Europe, Australia and the Far East. In 1992, he established Dolan & Associates’ first international office in Australia and in 1994 was one of the founding partners of the IKODA consultancy group which had offices in London and Perth. In 1996 he was one of the founding directors of FIL which acquired interests in offshore Mauritania. These interests were sold to Fusion Oil & Gas plc (“Fusion”) and Dr Stein was appointed managing director of Fusion in 1998.

 

Dr Stein resigned from Fusion following its sale in December 2003 and in early 2004 was one of the founding directors of Ophir. Dr Stein is a non-executive chairman of Neon Energy Limited, an ASX-listed petroleum exploration and production company headquartered in Perth, Australia.

 

Jonathan Taylor BSc (Hons), MSc – Executive Director & Founder

Mr Taylor has over 20 years of experience in a range of technical and asset management roles in Africa, Europe, the Far East and the Middle East, for Amerada Hess Ltd, Clyde Petroleum plc and Gulf Canada Resources Ltd. Mr Taylor was appointed Exploration Director of Fusion in November 1998, resigning in March 2004.

 

In early 2004, Mr Taylor was one of the founding directors of Ophir, serving initially as its Technical Director. Mr Taylor is a member of the HSE Committee.

 

Dennis McShane – Senior Independent Non-Executive Director

Mr McShane is a founding principal of Midas Resource Partners. From September 2004 to November 2008 Mr McShane was a senior executive of the Ferrexpo group of companies serving as executive director of finance and business strategy. He led the successful initial public offering of Ferrexpo plc on the Official List of the London Stock Exchange in June 2007. Prior to joining Ferrexpo, Mr McShane was an investment banker with JPMorgan Chase & Co (“JPM”) emerging markets investment banking and mining and metals practices in London. In 2002, he became head of mining and metals in JPM’s Asia-Pacific practice, based in Sydney. He attended Harvard Business School and the State University of New York.

 

Mr McShane joined the Board in October 2007 and is a member of the Audit, Nominations and Remuneration Committees. He was appointed Chairman of the Audit and Nominations Committees on 4 September 2009.

John Lander – Independent Non-Executive Director

Mr Lander started his career with Shell as a geophysicist in their international division, and has more than 40 years’ experience in the international oil and gas industry, having held executive boardroom posts at RTZ Oil and Gas Limited, Pict Petroleum plc, Premier Oil plc, British-Borneo Petroleum Syndicate plc and Tullow Oil plc, the latter until his retirement from full-time employment. He is currently chairman of Alkane Energy plc and Canadian North Sea Energy Limited as well as being a non-executive director of Neon Energy Limited.

 

Mr Lander joined the Board in November 2008 and is Chairman of the Remuneration Committee and is a member of the Audit, Nominations and HSE Committees.

 

Lyndon Powell – Independent Non-Executive Director

Mr Powell retired from HM Forces in 2006 after completing a full career with Royal Military Police and Special Forces. He served in diverse locations throughout the world in a variety of appointments, gaining a wide spectrum of experience in operational and strategic security management. He has worked with the Foreign & Commonwealth Office, providing protection for HM Ambassadors and has commanded four major units. He was Chief of Special Forces at the Allied Rapid Reaction Corps, and was an advisor to the Sierra Leone Armed Forces in Freetown. In 2007 he was appointed as deputy director of Security Operations with Infinity SDC Ltd, and in 2008 moved to start his own company, Barbican Global Ltd, which specialises in independent security advice to the corporate sector.

 

Mr Powell joined the Board in October 2007 and serves as Chairman of the HSE Committee and is a member of the Remuneration Committee.

 

Patrick Spink – Independent Non-Executive Director

Mr Spink spent over 20 years with Perenco, joining the company shortly before the start of its rapid growth into one of the world’s largest private upstream oil and gas companies. He performed a number of roles including head of exploration, general manager of one of its largest subsidiaries, and executive board member before the company was privatised. For 15 years until 2010, he was head of business development, including during the company’s most rapid period of growth. Earlier he held positions in exploration and operations departments of a number of E&P companies. He graduated in 1973 from University of Lancaster with an Environmental Sciences degree. He currently runs a consulting business providing upstream investment advice to a number of clients.

 

Mr Spink was appointed a Non-Executive Director in July 2011 and is a member of the HSE Committee.

 

Ronald Blakely – Independent Non-Executive Director

Mr Blakely is a retired former executive whose career spanned more than 38 years with Royal Dutch Shell companies. At time of retirement in October 2008 he was Executive Vice President Global Downstream Finance. In previous roles he had been CFO of Shell Oil Products in the USA and CFO of Shell Canada, a then Canadian public integrated oil and gas company. He is a graduate of the University of Guelph with a major in Economics and a member of the Society of Management Accountants of Alberta. Mr Blakely is currently the non-executive Chairman of the Board of Oil Sands Quest, a Calgary based company.

 

Mr Blakely was appointed a Non-Executive Director in July 2011 and is a member of the Audit Committee.

 

Rajan Tandon – Non-Executive Director

Mr Tandon is Vice President-in-Charge of Finance and Accounts at Mittal Investments and has over 25 years of industrial experience. Prior to this he was Director-in-Charge of Finance and Accounts at Mittal Steel. He has been a leading member of the Corporate Finance Team. He has also served as Treasurer for LNM Holdings NV until its merger with Ispat International in December 2004. With a 20-year career within the Mittal Steel Group, he has held various positions in Finance and Accounting within the Group. Mr Tandon is an Honours Graduate in Accounting and Commerce from St Xavier’s College, Kolkata and a Fellow of The Institute of Chartered Accountants of India and Member of The Institute of Internal Auditors. He also serves on the board of various companies.

 

Mr Tandon joined the Board in September 2009.

 

Jaroslaw Paczek – Alternate Director to Rajan Tandon

Mr Paczek was nominated as an alternate director for Rajan Tandon with effect from July 2011.

 

Mr Paczek is trained as a barrister in Poland, having graduated from the Jagiellonian University in Cracow and subsequently attended Harvard Business School and DePaul University in Chicago. He began his career as a lawyer in 1995 with law firm Hogan & Hartson, working in their office in Warsaw, and has also practised with Feuguer et Associés in Paris. In 1997 Mr Paczek joined ERA GSM, the Polish mobile telephone operator, as a Deputy General Director. For the last ten years, Mr Paczek has worked with the Kulczyk Group, the largest private equity fund in Poland, where he was involved in various transactions in Eastern Europe, in particular in the telecom, electricity and insurance sectors. Since 2006, Mr Paczek has lived in London, developing a portfolio of oil, gas and mineral investments.

 

Senior Management

Day-to-day management of the Group’s business is the responsibility of the persons below in addition to the Executive Directors.

Michael Fischer – Chief Operating Officer

Dr Fischer is a geologist who spent the first 10 years of his career with BP Exploration in Aberdeen. Following assignments in Spain, Australia, Papua New Guinea and the People’s Republic of China, he moved to Woodside Energy Ltd. (Woodside) in Perth, where he was part of the group responsible for building the company’s position outside of the North West Shelf interests (Woodside’s core Australian producing asset). Dr Fischer was part of the core team responsible for developing and delivering Woodside’s international strategy. Dr Fischer then took on the position of asset manager (West Africa) and led the team responsible for discoveries at Chinguetti, Banda and Tiof. He left Woodside in 2004 to join OMV Exploration & Production GmbH as senior vice-president for exploration, operations and projects where he had full responsibility for both the geoscience and engineering technical functions. Dr Fischer joined Ophir in 2006.

 

Jacqueline Knox – Group Counsel

Jacqueline Knox joined the Company in March 2011. Ms Knox is a solicitor (qualified in Australia and England & Wales) with nine years’ experience in the energy sector. Ms Knox began her career in Australia in 2002 as a lawyer in the resources, energy and major projects group of Minter Ellison Lawyers before joining the global energy practice of Herbert Smith LLP in 2005. During her time in private practice, Jacqueline specialised in international mergers and acquisitions, joint ventures and project development in the energy sector. In 2010, Jacqueline was seconded for 12 months to BP plc.

Andrew Oldham – Director, Exploration

Mr Oldham began his career in 1981 with Seismograph Service Limited working for six years in North Africa and Australia as a field geophysicist and party chief. He then spent nine years with Santos Limited, working as an exploration geophysicist on the Copper/Eromanga Basins and the Timor Sea. In 1997, he joined Woodside, and during his 10 years at Woodside, Mr Oldham acted as a technical coordinator on the Mauritanian, Algerian and Kenyan assets, overseeing the subsurface exploration teams in those areas. Mr Oldham is currently responsible for all exploration activities within the operated and non-operated assets. Mr Oldham joined the Group in 2008.

 

David Bond – Director, Drilling

Mr Bond began his career in 1981 as a drilling engineer with ConocoPhillips Ltd in the North Sea. He has held several positions in both engineering and supervision with BHP Petroleum in the Timor Sea and with Woodside. During his time with Woodside, he pioneered the development of the “Technical Limit” management process which significantly changed Woodside’s drilling and completion performance and has since been adopted by several major oil companies around the world. Mr Bond was also Woodside’s international drilling manager and he led Woodside’s first international operation in deepwater offshore Mauritania. Prior to joining Ophir, Mr Bond was general manager (drilling & completions) for Reliance Industries Limited in India, managing a multi-rig operation for both ultra-deepwater exploration and ultra-deepwater developments. Mr Bond is currently leading Ophir’s capability expansion to drill in ultra-deepwater in Africa. Mr Bond joined Ophir in 2007.

 

James Berwick – Director, New Business

After serving 12 years in the British Parachute Regiment and French Foreign Legion, Mr Berwick joined the Aviva Group as Head of Security and Risk. In 2001 he moved to Woodside Energy (Australia) as Head of Global Security, before consulting to several oil and gas companies ranging from start-up businesses to super majors in Africa. Mr Berwick joined Ophir in 2007 as General Manager – Gabon, with in-country responsibility for the 2008 drilling campaign as well as managing several other Ophir operated assets. Appointed General Manager, Business Development in 2009, Mr Berwick has been involved in the majority of Ophir’s commercial transactions since that date, and in 2011 was promoted to Director, New Business. Mr Berwick holds a Masters degree in law from Leicester University.

 

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