Rockhopper Exploration spuds latest well in the Falklands

Monday, Sep 26 2011 by
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Rockhopper Exploration spuds latest well in the Falklands

Falklands oil explorer Rockhopper (LON:RKH) has begun drilling the latest well in its programme of exploration in and around its Sea Lion discovery in the North Falkland Basin oil. The 14/10-8 exploration well was spudded over the weekend on Licence PL032, which is 100% owned and operated by Rockhopper, and lies approximately 4.1km to the south-south-east of the company’s 14/10-2 discovery well, outside of the Sea Lion Discovery Area.

Rockhopper said the well had been designed to investigate reservoir and hydrocarbon presence within the Sea Lion Main Complex in an area of relatively low amplitudes but was also an exploration well on both the Casper and Kermit oil prospects. Drilling operations are expected to take approximately 28 days. Separately, the company said it was in discussions with Diamond Offshore, owners of the Ocean Guardian drilling rig, with regards to the assignment of a further drilling slot to which the company would be required to commit prior to the spudding of well 14/10-9.

Rockhopper’s drilling programme received a boost two weeks ago with news that Well 14/10-7 had produced results at the upper end of expectations, marking its fifth successful well in the basin. At the time, the company revealed early indications about its future plans in the Falklands, including details of a development plan based on a recoverable resource of 350 million barrels using a leased FPSO. The company foresees first oil being achieved in early 2016, with maximum production of 120,000 barrels per day. Development costs to first oil are expected to be in the region of $2 billion.

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Rockhopper Exploration plc is an oil and gas exploration and production company. The Company is engaged in the exploration and exploitation of its oil and gas acreage. The Company operates through three segments, which include the oil and gas exploration activities in the geographical regions of the Falkland Islands, and the Greater Mediterranean region, as well as its corporate activities centered in the United Kingdom. The Company holds interests in North Falkland Basin and the Greater Mediterranean region. The Company's areas of operations include Falkland Islands, which is located in the South Atlantic Ocean, over 8,000 miles from the United Kingdom and approximately 300 miles from South America. Its licenses in Falkland Islands include Sea Lion phase 1 (PL032), Sea Lion phase 2 (PL032/PL004) and Phase 3-Isobel-Elaine (PL004). The Company's interests in Mediterranean region include Guendalina, Ombrina Mare and Monte Grosso in Italy; Area 3 in Malta, and Block 9 in Croatia. more »

LSE Price
20.7p
Change
-1.0%
Mkt Cap (£m)
94.8
P/E (fwd)
n/a
Yield (fwd)
n/a



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