Rockhopper Exploration (LON:RKH) has revealed further encouraging results from the 14/10-2 well on the Sea Lion prospect in the North Falkland Basin. Managing director Samuel Moody said: "These are further encouraging results; the logs clearly indicate that we have encountered a high quality reservoir interval with very good porosity and permeability...This increases the likelihood that we will return to this well later during the campaign to carry out a flow test."
Additional logging data focused on determining reservoir quality have been successfully collected. It said the new logging data confirmed:
* 53 metres of net pay in multiple zones.
* Average porosity of 19%, with peaks of 28%.
According to the announcement, the logs show excellent permeability. In the 25 metre pay zone, permeability ranges between 200 Milidarcy and 500 Milidarcy, with peaks at over 1 Darcy No oil/water contact has been encountered and the company will now proceed with additional log analysis and collect fluid samples.
Rockhopper shares were up 55% on the day to close at 145p, making a two day gain of 292%.
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