Ghana’s Ministry of Energy and Petroleum has extended the initial exploration period for the 2,000 sq km Offshore Accra Contract Area.
Ophir Ghana (Accra) Ltd. operates the contract area with a 20% interest for a group that must decide by Mar. 23, 2014, whether to enter into the first extension period. The contract area lies southeast of Accra in 50-2,500 m of water.
The 6-month extension gives the joint venture more time to thoroughly review data from the Starfish-1 well. Logs indicate that the primary and secondary targets were water bearing sands. Tap Oil Ltd., which has a 17.5% interest, considers there is possible evidence of residual oil in the primary and secondary targets that may provide support for an active petroleum system in the block. The well was plugged on July 12.
Ophir Energy continues to work on the existing lead and prospect inventory. Other participants are Afex Oil (Ghana) Ltd. 20%, Vitol Upstream (Accra) Ltd. 30%, and Rialto Energy (Ghana) Ltd. 12.5%.
