Ophir Energy (LON:OPHR) today announced its fourth discovery in Block R in Equatorial Guinea.

The company reported that the Fortuna East-1 (R5) step out exploration well in Block R has successfully encountered gas in the eastern lobe of the Fortuna Complex. The gas quality appears to be consistent with that observed in previous gas discoveries in the block.

The well has also discovered gas in the deeper Viscata exploration target.

Gross mean recoverable resources for the Eastern lobe of the Fortuna Complex as defined by this well are 426 billion cubic feet (bcf), exceeding pre-drill estimates of 304 bcf.

Confirmation of the Eastern lobe, will increase the contingent resources (2C) category of the Fortuna Complex to 798 bcf.

Fortuna East -1 (R5) is the fourth gas discovery by Ophir in Block R, and the sixth in the block to date.

“The success of Fortuna East-1 improves our understanding and adds further resources to the Fortuna Complex,” said chief executive of Ophir Nick Cooper.

“This combined with the recent Tonel discovery provide anchor assets for the LNG development.”

Shares in Ophir rose two percent to 536.5 pence by 8:35am, valuing the group at £2.14 billion.