29 Mar 2010 07:00
Embargoed: 0700hrs 29 March2010
Rockhopper Exploration plc
("Rockhopper")
Drilling Update: Liz 14/19-A Exploration Well
Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, notes the announcement by Desire Petroleum PLC (AIM: DES) that the Liz 14/19-1 well, in which Rockhopper has a 7.5% working interest, has reached a depth of 3570 metres and logging is underway.
The primary Liz target was encountered at around 2550 metres with indications of hydrocarbons while drilling. Subsequent logging operations have shown that oil may be present in thin intervals but that reservoir quality is poor. Wireline sampling is still to be carried out. Deeper gas shows have also been encountered while drilling, particularly below 3400 metres and these have still to be evaluated by wireline logging and sampling.
Until the logging is complete and the results analysed, it will not be possible to determine the significance of the hydrocarbons encountered and whether the well will need to be drilled deeper, suspended for testing or plugged and abandoned.
Operations are expected to be completed later this week when a full announcement will be made.
Upon release from Liz, the Ocean Guardian drilling rig will relocate to drill the Sea Lion 14/10-B Exploration well (100% Rockhopper) on the western margin of the North Falkland Basin.
-Ends-
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 the licences operated by Rockhopper. This has including 2D and 3D Seismic and Controlled Source Electromagnetic Mapping (CSEM). Rockhopper intends to drill the Sea Lion and Ernest prospects on its acreage during 2010 in addition to participating in three 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. In February 2010 the Ocean Guardian drilling rig arrived in Falklands waters to begin a drilling campaign on each of these prospects during 2010.
Rockhopper Exploration plc www.rockhopperexploration.co.uk
Review by Qualified Person
This release was reviewed by Dave Bodecott, the Company's exploration director who is a "qualified person" under the rules and policies of AIM. Mr Bodecott 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.