Update re. Sea Lion Oil Disco
For immediate release: 7 May 2010
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Drilling Programme Update
Sea Lion Exploration Well - 14/10-2
Oil Discovery - update
Rockhopper Exploration, the North Falkland Basin oil and gas exploration company, is pleased to provide the following update on results of the 14/10-2 well on the Sea Lion prospect.
Additional logging data focussed on determining reservoir quality have been successfully collected. The new logging data confirm the following:-
· 53 metres of net pay in multiple zones
· Thickest sand is also confirmed at approximately 25m net pay
· Average porosity is 19%, with peaks of 28%
· 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
· The company will now proceed with additional log analysis and collect fluid samples
The Company now intends to run a liner to allow the well to be suspended for future testing. The Company is also considering whether to drill an appraisal well on the Sea Lion target later in the drilling campaign.
Further updates will be provided in due course as appropriate.
Samuel Moody, Managing Director, commented:
"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."
Enquiries:
Rockhopper Exploration plc
Sam Moody - Managing Director
Tel. +44 (0)20 7920 2340 (via M: Communications)
M: Communications
Patrick d'Ancona or Ben Simons
Tel. +44 (0)20 7920 2340
Canaccord Adams
Jeffrey Auld/ Elijah Colby/ 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 to licences PL003 and PL004 which are operated by Desire Petroleum in which it holds a 7.5% working interest. 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 Falklands waters to carry out a multi-well drilling campaign. Rockhopper has drilled an exploration well on its Sea Lion prospect and current indications are that the Company has made the first oil discovery in the North Falkland Basin. Further analysis is being carried out. The Company intends to drill its Ernest prospect later during 2010 in addition to participating in further wells with Desire.
In November 2009 the Company completed an equity placing to raise gross proceeds of £50 million which covers the anticipated costs of these wells, including contingencies.
Rockhopper Exploration plc www.rockhopperexploration.co.uk
NB: This statement has been approved by the Company's geological staff who include David Bodecott (Exploration Director), who is a Member of Petroleum Exploration Society of Great Britain (PESGB) and the American Association of Petroleum Geologists (AAPG) with over 30 years of experience in petroleum exploration and management, for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects.
This information is provided by RNS
Latest directors dealings
- 14 minutes ago Prudential
- 25 minutes ago Vanquis Banking Group 20
- 2 hours ago Frasers Group
- 2 hours ago Cavendish Financial
- 2 hours ago Diaceutics