Ophir Energy Company Limited announced its commitment to a multi-well high impact drilling programme, following the signature of a series of Deepwater Rig Share Agreements.

These agreements, totalling approximately US$200 million in value, give Ophir over 14 months of deepwater rig access over a three year period commencing Q1 2008. The agreements, concluded with ExxonMobil Corporation’s ("ExxonMobil") drilling subsidiary Esso Exploration Incorporated ("Esso") and Seadrill Offshore A/S ("Seadrill"), relate to the provision of the ultra-deepwater dynamically positioned drill ship West Polaris, and a further series of agreements with Esso and Larsen Oil & Gas Limited ("Larsen"), on behalf of Venture Drilling A/S, for the provision of the dynamically positioned deepwater drill ship Deep Venture.

Ophir is the Operator of 12 deepwater exploration licenses in Africa and is a participant in an additional two licenses. The precise timetable of the drilling programme and the number of wells to be drilled will depend on initial drilling results and the ongoing analysis of seismic acquisition programmes across Ophir’s deepwater asset portfolio; however it is expected that the first drilling programme will be in the Gulf of Guinea.

In addition to completing its initial drilling obligations and appraising any discoveries, the Company may also consider assignment of available rig slots from both programmes to other Operators where this generates further opportunities for Ophir.

Ophir has secured the use of the West Polaris for 295 days as part of a 36 month contract between Esso and Seadrill and the use of the Deep Venture for 135 days as part of an 18 month contract between ExxonMobil and Larsen.

The Deep Venture will be novated to Ophir for a continuous drilling programme commencing early Q1 2008, while the West Polaris will be assigned to Ophir for 3 separate extended programmes of approximately 100 days each commencing Q1 2009 and finishing in Q1 2011. Ophir has entered into agreements with Standard Bank plc ("Standard") under which Standard has issued Letters of Credit to secure Ophir’s performance under the West.