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(Alliance News) - Rockhopper Exploration PLC on Wednesday announced the success of one well and the failure of another in Egypt, with overall production rising.
At ASH-2, on the Abu Sennan concession, Rockhopper found 50 metres of net oil pay following the drilling of a hole 4,030 metres deep into the Alam El Bueib formation.
Rockhopper completed the well, perforated, and tested it, with "encouraging" results.
At the Al Jahraa-12 well, 4,040 metres worth of drilling was conducted into the Kharita formation. While there was some oil pay, Rockhopper noted, the well did not flow on testing. However, the primary aim of the well was to be a water injector, and work is now ongoing.
Overall production from Abu Sennan is now approved 5,100 barrels of oil equivalent per day, Rockhopper said, with 1,120 barrels of that net to Rockhopper given its 225 stake.
The Rockhopper announcement was noted by United Oil & Gas PLC, which in July announced the USD16 million purchase of Rockhopper's Egyptian assets.
"Today's announcement is further proof of the quality of the assets that United has agreed to acquire. Abu Sennan has a historic drilling success rate of over 80% and rising. Over the last year production at the licence has gone from just over 800 barrels to 1,100 barrels of oil equivalent per day net as a result of the successful four well development drilling campaign," said UOG Chief Executive Brian Larkin.
"While we will wait to see the sustainable production levels on the ASH-2 well over the coming weeks, these initial results are excellent and we are confident this well will further increase production."
"There is already a work programme in place for 2020, which will deliver a further four wells, significantly increasing newsflow from the company. We expect the transaction to complete in January 2020 following satisfaction of final conditions precedent," Larkin continued.
Rockhopper shares were 0.3% higher on Wednesday at 14.95 pence each in London, with UOG 1.6% lower at 3.10p.
By George Collard; georgecollard@alliancenews.com
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