Ophir Energy reported an agreement with Chevron for the transfer of a 53% interest in deepwater block AD-03, located in the Rakhine Basin, on 7 March 2018. The deal is subject to government approval. Ophir will maintain a 42% interest in the block, likely with operatorship. The remaining 5% participating interest is held by local partner Parami Energy. Ophir has been planning for potential drilling of a high impact well in the block, targeting the Aung Sakyar prospect. The company expects to decide within 1H 2018 whether to proceed with the drilling or to relinquish the acreage. If the plan goes ahead, drilling could be conducted in 2019. The farm-down was considered by the company as a prerequisite for the exploration drilling plan. The farm-in opportunity, initially offered in 2016, was part of Ophirâs strategy to have exploration assets self-funding ahead of exploration activities. The main target in the Aung Sakyar prospect is likely represented by Pliocene turbidite sandstones at water depths of more than 2,400 m. The well could be drilled to approximately 5,700 mTVD. The previous exploration activity in the block was a 3D seismic survey in mid-2015. The survey, covering approximately 10,000 sq km, fulfilled seismic commitments for the first two years of the contract (study period). The survey was conducted with newly built âSanco Swordâ survey vessel.
Myanmar, AD-03