Ophir Energy signs deal with Myanmar Ministry of Energy

Oil and gas explorer Ophir Energy has signed a production sharing contract with the Myanmar Ministry of Energy.

The deal finalises the award of Block AD-03 offshore Myanmar, in which the group has a 95% operated interest. The group will re-process existing 2D and before acquiring 3D seismic data as part of the initial exploration period, the firm said in a statement.

"Ophir is continuing to act counter cyclically to expand its exploration portfolio,” said group 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.”