ophir - takes off. tanz 4.5 tcf gas discovery

ondon, 26 March 2012: Ophir Energy plc ("Ophir" or "the Company") announces that the Jodari-1 well in Block 1 offshore Tanzania is a 4.5 TCF gas discovery.

Highlights

· Fourth consecutive gas discovery for the Ophir-BG joint venture in Tanzanian offshore Blocks 1, 3, 4 and largest discovery by Ophir in its history

· Estimated mean in-place resource number of 4.5 TCF. Recoverable mean resource estimated as 3.4 TCF (567 MMboe), exceeding mean pre-drill recoverable resource expectations of 2.2 TCF by 55%

· A total 124m of net pay encountered across the stacked target horizons in high-quality reservoirs

· Jodari-1 has de-risked the Lower Tertiary section, of comparable age to the outboard basin floor fan play in Mozambique, and in pursuit of which the Ophir-BG joint venture is now acquiring 3D in the eastern area of Block 1, Tanzania

· Cumulative discovered, recoverable gas resources in Blocks 1, 3, 4 are now c. 7 TCF and nearing the minimum threshold volumes required for a two-train LNG development

Link: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11156664