27 Oct 2010 07:00
Embargoed: 0700hrs 27 October 2010
Rockhopper Exploration plc
("Rockhopper" or the "Company")
3D Seismic Programme - UPDATE
Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, is pleased to announce the signing of a further contract for marine seismic acquisition services with Polarcus Limited for the use of the seismic vessel MV Polarcus Nadia ("Nadia"). This contract is in addition to Rockhopper's contract for the MV Polarcus Asima vessel announced on 21 October 2010.
Under the contract Rockhopper will acquire a 3D seismic survey over areas of its licence PL024 (100% Rockhopper) and adjacent areas, which were not previously defined by 3D seismic, as well as participating with Desire Petroleum plc on areas of licences PL003 and PL004, in which Rockhopper has a 7.5% working interest.
A contract to process the 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 project.
Desire Petroleum plc has simultaneously signed an identical contract with Polarcus Limited allowing the two companies to share the Nadia vessel for acquiring seismic data in each of their adjacent licences and other areas.
Nadia is expected to commence the joint survey in December 2010 with completion by end of April 2011.
Enquiries:
Rockhopper Exploration plc
Sam Moody Ð Chief Executive
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 vessels MV Polarcus Asima and Nadia to carry out a 3D seismic survey, beginning December 2010, over areas of licences PL024, PL032 and PL033 which were not previously defined by 3D, as well as adjacent areas.
Rockhopper Exploration plc www.rockhopperexploration.co.uk