Rockhopper Exploration plc 14/20-1 Well Spud 'Isobel Deep' (7006J)
09 April 2015 - 4:00PM
UK Regulatory
TIDMRKH
RNS Number : 7006J
Rockhopper Exploration plc
09 April 2015
9 April 2015
Rockhopper Exploration plc
("Rockhopper" or the "Company")
14/20-1 Well Spud 'Isobel Deep'
Rockhopper Exploration plc (AIM: RKH), the oil and gas
exploration and production company with interests in the North
Falkland Basin and the Greater Mediterranean region, announces that
the 14/20-1 'Isobel Deep' well (the "Well") was spudded, by Premier
Oil as operator, at 22:20 local time on the 8th April 2015.
The Well is located on licence PL004a in which Rockhopper has a
24% working interest and is an exploration well on the Isobel deep
prospect. The Isobel Deep Well will be the first test of the F3 fan
system entering the basin from the South East margin as a sequence
of stacked reservoirs. This well will be targeting the Isobel deep
fan in the area of maximum mapped reservoir thickness and has a
GCoS of 20%. The well is targeting Gross Pmean resources of
72mmbbls (range 9-207mmbbls) although the complex as a whole in
this area has gross Pmean prospective resources of just over
500mmbbls.
Drilling operations are expected to take approximately 30 days
and no coring or testing is planned for this well. A further
release will be made when drilling is completed.
The North Falkland Basin wells are anticipated to cost
approximately US$50 million each. As a result of the various carry
arrangements, the total net cash exposure to Rockhopper of the four
wells is estimated at approximately US$25 million.
Samuel Moody, CEO, commented:
"We are delighted to be spudding the second well of the campaign
following the successful Zebedee oil and gas discovery. The Isobel
Deep Well is a high risk high impact well which has the potential
in the success case to open a new development area."
For further information, please contact:
Rockhopper Exploration plc
Tel: (via Vigo Communications) - 020 7016 9571
Sam Moody - Chief Executive
Fiona MacAulay - Chief Operating Officer
Stewart MacDonald - Chief Financial Officer
Canaccord Genuity Limited (NOMAD and Joint Broker)
Tel: 020 7523 8000
Henry Fitzgerald-O'Connor
Liberum Capital (Joint Broker)
Tel: 020 3100 2227
Clayton Bush
Vigo Communications
Peter Reilly 020 7016 9571
Patrick d'Ancona 020 7016 9573
Note regarding Rockhopper oil and gas disclosure
This announcement has been approved by Rockhopper's geological
staff who include Fiona MacAulay (Chief Operating Officer), who is
a Fellow of the Geological Society of London and a Member of the
Petroleum Exploration Society of Great Britain and American
Association of Petroleum Geologists with over 25 years of
experience in petroleum exploration and management, and who is the
qualified person as defined in the Guidance Note for Mining, Oil
and Gas Companies issued by the London Stock Exchange in respect of
AIM companies. In compiling its resource estimates, Rockhopper has
used the definitions and guidelines as set forth in the 2007
Petroleum Resources Management System approved by the Society of
Petroleum Engineers.
GCoS Geological Chance of Success
Pmean : Average (mean) probability of occurrence
Prospective Resource : the resource estimated to exist in
prospect areas considered viable to drill, but which have not yet
been proven by drilling
This information is provided by RNS
The company news service from the London Stock Exchange
END
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