3D Seismic Programme Contract
Embargoed: 0700hrs, 21 October 2010
Rockhopper Exploration plc
("Rockhopper" or the "Company")
3D Seismic Programme
Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, is pleased to announce the formal signing of a contract for marine seismic acquisition services with Polarcus Limited for the use of the seismic vessel MV Polarcus Asima.
Under the contract Rockhopper will acquire a 3D seismic survey over areas of licences PL032 and PL033 (100% Rockhopper) which were not previously defined by 3D, as well as adjacent areas. The vessel will be available to commence the seismic survey by early January 2011, and the time required to shoot the survey within the licence area is estimated to be approximately 50 days.
A contract to process the acquired data will be the subject of a separate invitation to tender, which will be issued shortly. Monarch Geophysical Services Limited has been retained to provide specialist acquisition and processing supervision throughout the 3D seismic project.
Argos Resources Limited ("Argos") has simultaneously signed an identical contract with Polarcus, allowing Argos and Rockhopper to share the vessel for acquiring seismic data in each company's adjacent licences and other areas. This co-operative arrangement allows the companies to share mobilisation and demobilisation costs and to capture the technical and cost efficiencies resulting from a larger programme.
Sam Moody, Chief Executive of Rockhopper Exploration plc, commented,
"The primary objective of this 3D seismic acquisition programme is to define the aerial extent of the Sea Lion fan, following our oil discovery earlier this year, as well to examine other areas and play types within PL032, PL033 and adjacent areas, which will help us to identify future prospects."
Enquiries:
Rockhopper Exploration plc
Sam Moody - Managing Director
Tel. +44 (0)20 7920 2340 (via M: Communications)
M: Communications
Patrick dÕAncona or Ben Simons
Tel. +44 (0)20 7920 2340
Canaccord Genuity Limited
Charles Berkeley / Henry Fitzgerald-O'Connor
Tel. +44 (0) 20 7050 6500
Notes to Editors
Rockhopper was established in February 2004 with a strategy to invest in and carry out an offshore oil exploration programme to the north of the Falkland Islands. The Company floated on AIM in August 2005 and holds a 100 per cent. interest in four offshore production licences: PL023, PL024, PL032 and PL033 which cover approximately 3,800 sq. km. Rockhopper has also farmed in (7.5% working interest) to licences PL003 and PL004, which are operated by Desire Petroleum. These licences have been granted by the Falkland Islands government.
An extensive work programme has been carried out over a number of years on the licences operated by Rockhopper. This has included 2D and 3D Seismic and Controlled Source Electromagnetic Mapping (CSEM). In February 2010, the Ocean Guardian drilling rig arrived in Falkland waters to carry out a multi-well drilling campaign. Rockhopper drilled an exploration well on its Sea Lion prospect during April and May 2010, the result of which was the first oil discovery and Contingent Oil Resource in the North Falkland Basin. The Sea Lion discovery was successfully tested during September 2010 and was the first oil to flow to surface in Falkland Islands waters. Rockhopper has contracted seismic vessel MV Polarcus Asima to carry out a 3D seismic survey, beginning January 2011, over areas of licences PL032 and PL033 which were not previously defined by 3D, as well as adjacent areas.
Rockhopper Exploration plc www.rockhopperexploration.co.uk
This information is provided by RNS
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