Exploration Well Update
For immediate release: 15 October 2010
Rockhopper Exploration plc
("Rockhopper")
Rachel 14/15-1 Exploration Well Update
Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, notes the announcement by Desire Petroleum PLC (AIM: DES) regarding the Rachel 14/15-1 well, in which Rockhopper has a 7.5% working interest:
Desire Petroleum plc (AIM:DES), the oil and gas company wholly focussed on the North Falkland Basin, advises that the 14/15-1 well on the Rachel prospect has reached a total depth of 2,877 metres. Initial wireline logging shows that no hydrocarbons have been found. However a substantial thickness of sandstone was encountered in the upper part of the target zone, comprising 103m of gross sandstone of which 81m is net reservoir with an average porosity of 23%.
The Rachel well has provided much new valuable data on the distribution of the reservoir targets within the Eastern Flank play and in particular the calibration of the 3D seismic data for sandstone prediction. Our understanding of this play type is rapidly evolving but one of the biggest remaining uncertainties relates to the oil charging mechanism from the mature oil source rock to the fan sandstones. Based on the latest information from this well, potential sandstones have now been identified downdip from the existing location, closer to the mature oil source rock, significantly reducing the oil charge risk. As a result the well will be sidetracked to this location to evaluate the prospectivity. The sidetrack will commence when the present logging operations are complete. The total depth of the sidetrack is planned to be 3,418 metres measured depth (2,970 metres vertical depth) with an offset of circa 1.2 kilometres from the total depth of the original vertical well. The sidetrack will be designated 14/15-1Z and is expected to take 20 days and the Company will make a further announcement upon completion of this sidetrack.
The Rachel well is the first in a likely four well drilling campaign operated by Desire. Following the 14/15-1Z sidetrack it is intended to move the rig to the next location 25/5-1 on the Dawn/Jacinta prospect in the Desire 100% Tranche I licence.
ENDS
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive
Tel. +44 (0)20 7920 2340 (via M: Communications)
M: Communications
Patrick d'Ancona or Ben Simons
Tel. +44 (0)20 7920 2340
Canaccord Genuity Limited
Robert Finlay / 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 Exploration plc www.rockhopperexploration.co.uk
This information is provided by RNS
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