Ophir Energy has signed a production sharing contract with the Myanmar Ministry of Energy.
The move finalises the award of Block AD-03 offshore Myanmar, which the company has a 95% interest in.
The company plan to re-process existing 2D and will promptly acquire 3D seismic date on the block, which is located in the Rakhine Basin, as part of the initial exploration period.
Nick Cooper, chief excutive of Ophir, 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.”
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