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Ophir Rises on Natural Gas Discovery in Tanzania With BG Group

Ophir Energy Plc (OPHR), a U.K. explorer in East and West Africa, rose in London trading after announcing a natural gas discovery in waters off Tanzania.

Ophir added 2.4 percent to 387.70 pence as of 8:11 a.m. in London.

Ophir and BG Group Plc (BG/)’s Mkizi-1 well encountered gas in three reservoir intervals with net pay of 33 meters (108 feet), Ophir said in a statement today in London. Estimates for the recoverable resource were in line with pre-drill estimates of 0.6 trillion cubic feet.

BG last week raised its resource estimate for discoveries in Tanzania with Ophir to 13 trillion cubic feet of gas. The Deepsea Metro 1 drillship that made the lastest discovery, which is located between two others in Block 1, will now move to drill two appraisal wells.

“The successful Mkizi-1 well is our ninth discovery in Tanzania and continues our 100 percent strike rate,” Ophir Chief Executive Officer Nick Cooper said in the statement.

BG Group slipped 0.4 percent to 1,185 pence.

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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