Rockhopper Exploration announced today their drilling programme update. Rockhopper Exploration is an AIM listed oil and gas exploration company based in the United Kingdom. The Company began in February 2004 with a strategy to invest in and carry out an offshore oil exploration programme to the north of the Falkland Islands.
Rockhopper has licences to explore for oil and gas in the North Falkland Basin, a basin with two petroleum systems and a oil source rock. Two wells have been drilled on Rockhopper licences during 1998 by Shell, who held the licences at that time. One recovered live oil, the other encountered gas. Rockhopper raised £50 million by way of an equity placing during late 2009. The Company will now participate in a 2010 drilliing campaign using Ocean Guardian.
Rockhopper announced today that it has been assigned two slots with the Ocean Guardian drilling rig, named Sea Lion and Ernest. The Ocean Guardian is due to arrive in the Falklands in February 2010 and will focus first on the Liz Well, located on the western margin of the North Falkland Basin. This well will be operated by Desire petroleum who have 92.5% interest in the campaign, whereas Rockhopper has 7.5% interest. The Company expect the well to spud by mid February.
The second well to be drilled by the Ocean Guardian upon its release from Liz will be Sea Lion, of which 100% is owned and operated by Rockhopper. This well is located on the eastern basin margin of the North Falkland Basin. Following this, Rockhopper will then be assigned a third or fourth slot to drill the Ernest well. In other news, Rockhopper announced last week the issuance of 851,851 new ordinary shares of 1 pence each in the Company, at an exercise price of 54 pence per share.
