SOURCE: Ophir Energy PLC

June 17, 2011 02:05 ET

Ophir Energy PLC FOA with Petroleo Brasileiro SA

LONDON--(Marketwire - Jun 17, 2011) -


                       Ophir Energy plc

         Announces Farm Out Agreement with Petrobras - Gabon
                    Mbeli and Ntsina Blocks

London, 17 June 2011: Ophir Energy plc (Ophir) is pleased to announce
that it has entered into an agreement with a subsidiary of Petroleo
Brasileiro S.A. (Petrobras) over Ophir's interests in Production
Sharing Contracts (PSCs) covering the Mbeli and Ntsina Blocks offshore
Gabon.

Subject to securing consent from the relevant Gabonese authorities,
Petrobras will acquire 50% of Ophir's interest in each of the PSCs by
making a promoted contribution towards the cost of an agreed work
programme.

Under the agreement, Petrobras has committed to participate in an
initial work programme which will include the acquisition of at least
2,000km2 of 3D seismic data. The acquisition and processing parameters
will be specifically designed to image deep pre-salt potential that has
not been the focus of previous exploration in the area.

After completion of the initial work programme, Petrobras may elect to
continue and make a promoted contribution towards the first and second
exploration wells to complete its earning obligations or withdraw from
the PSCs.

Petrobras has the right to elect to assume Operatorship of both PSCs.


Enquiries
Ophir Energy plc               Financial Dynamics
Nick Cooper, Managing Director Billy Clegg/Edward Westropp
+44 (0)20 7290 5800            +44 (0)20 7269 7157



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