Ophir Energy Company Limited

Signature of Deepwater Rig Share Agreements for Multi-Well High Impact Exploration Drilling Programme

14 May 2007

Ophir Energy Company Limited ("Ophir" or the "Company"), the privately owned African focussed oil and gas exploration company, chaired by Mr Tokyo Sexwale and controlled by Mvelaphanda Holdings, is pleased to announce 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 .

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.

Deepwater Rig Share Agreements

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 Polaris agreements.

Under these arrangements, Ophir will, where practical, have access to ExxonMobil’s global service agreements to ensure continuity of personnel on the rigs, safer operations and reduced procurement costs. Also, to ensure maximum efficiency and smooth transfer of operations, Esso, Seadrill, Larsen and Ophir will, wherever possible, establish common HSE and drilling procedures.

Commenting on the transactions Ophir’s Managing Director, Dr Alan Stein, said;

"A global shortage of deepwater drilling rigs is causing a bottleneck for many companies involved in deepwater petroleum exploration. There appear to be more commitments to drill than there are rigs to drill with. These agreements give Ophir the ability to go beyond its commitments in evaluating and appraising its extensive portfolio as well as potentially acquiring access to new opportunities by way of rig assignments. We now have the capacity to drill somewhere in the region of 12 to 15 deepwater wells over the next four years across a variety of plays and petroleum provinces, where each well has the potential to make a significant difference to the Company.

The collaborative arrangements with Exxon have assisted Ophir in building its own deepwater drilling capability and we are appreciative of the positive spirit in which these negotiations were concluded. We are also appreciative of the innovative financial instruments created by Standard Bank to support the Company in entering into these arrangements."

Commenting while reviewing the refit of the Deep Venture in Cape Town Ophir’s Chairman, Mr Tokyo Sexwale, said;

Ophir Energy Company Limited

"This commitment to rig contracts, worth in excess of US$200 million, by Ophir is a signal of our determination and confidence. Ophir was born from a desire to create a major African energy company and these transactions take us a significant step further towards that goal."

CONTACT DETAILS

Dr Alan Stein, Managing Director Ophir Energy Company Lijmited Telephone: +61 8 9212 9600 Facsimile: +61 8 9212 9699 Email: [email protected] Web: www.ophir-energy.com

NOTES FOR EDITORS

About the West Polaris

The West Polaris is a state-of-the-art sixth generation dynamically positioned drill ship owned and operated by Seadrill Offshore AS. It is currently under construction at the Samsung Heavy Industries Koje shipyard in South Korea and is scheduled for completion Q2 2008. The vessel has dual derrick capability and can drill to a maximum depth of 11,430m in up to 3,000m of water.

About the Deep Venture

The Deep Venture is a third generation dynamically positioned drill ship operated by Larsen Oil & Gas AS. It was built in Finland in 1981 and is currently being upgraded in Cape Town, . The vessel has a single derrick capacity and can drill to a maximum depth of 7,620 m in up to 1,280 m of water. The water depth range may be increased through innovative application of appropriate drilling technology.

About Ophir (www.ophir-energy.com)

Ophir Energy Company Limited ("Ophir" or "the Company") is a UK registered, privately owned oil and gas company, established in 2004, with an extensive exploration portfolio in Africa. The Company has significant African ownership and enjoys a strategic relationship with its largest shareholder, Mvelaphanda Holdings (Proprietary) Limited ("Mvelaphanda"), one of South Africa’s pre-eminent Black Economic Empowerment investment groups. Mr Tokyo Sexwale, founder and Chairman of Mvelaphanda, is also Non Executive Chairman of the Company.

Mr Sexwale was a former member of the African National Congress ("ANC") underground movement. He was sentenced to 18 years imprisonment on by the Government of South Africa in 1978. After his release in 1990 he served as the Head of the Public Liaison Department of the ANC Headquarters and subsequently was appointed Head of Special Projects, under Military Headquarters. In September 1990 he was elected to the Executive Committee of the ANC and served as Governor of Province from 1994 to 1998 when he left Public Political office to establish Mvelaphanda Holdings.

Ophir’s executive team of Dr Alan Stein and Mr Jonathan Taylor, together with one of Ophir's Non Executive Directors - Dr Peter Dolan, were previously the founders and executives of Fusion Oil & Gas plc ("Fusion") which was listed on the Alternative Investment Market ("AIM") in September 2000.

Fusion was involved in significant discoveries offshore Mauritania and had interests in six other West African countries. The Company therefore enjoys a continuity of existing relationships and experience in Africa that has been further enhanced by additional management appointments and through its strategic relationship with Mvelaphanda.

Ophir has an interest in 17 exploration projects in nine countries in Africa that cover a combined area in excess of 160,000 square kilometres.

Ophir has an experienced deepwater exploration and drilling team that has worked together in Africa before, and successfully implemented innovative technological solutions and strategies to reduce deepwater drilling costs.