Ophir Energy Plc signed a production-sharing contract (PSC) with the Myanmar Ministry of Energy, which finalizes the award of Block AD-03 offshore Myanmar, Ophir said in a press release.

Ophir has a 95% operated interest in the block, which is located in the Rakhine Basin. The block is approximately 10,000 sq km (3,861 sq miles) in size and is on trend with the multitrillion-cubic-foot producing Shwe gas field.

Ophir will re-process existing 2-D data and will promptly acquire 3-D seismic data as part of the initial exploration period, according to the release.