Last checked at 16 Nov 2015 07:00
16 November 2015
Rockhopper Exploration plc
"Rockhopper" or the "Company"
First gas achieved at Civita
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, is pleased to announce that first gas production into the network from the Civita gas field, located onshore Italy in the Abruzzo Region, commenced on 13 November 2015.
The Civita gas field is located within the Aglavizza production concession and is operated by the Company with a 100% working interest.
The field will be commissioned at a rate of 12,500 standard cubic metres (scm) per day before increasing to the expected stabilised flow rate of approximately 25,000 scm per day (approximately 160 barrels of oil equivalent (boe) per day) by the end of the month.
When combined with Rockhopper's share of production from the offshore Guendalina gas field, Rockhopper expects net production from Italy in 2016 to average over 100,000 scm per day (approximately 700 boe per day).
At current gas prices and exchange rates, Rockhopper anticipates revenue from Guendalina and Civita, net to the Company, of approximately US$9 million in 2016.
Sam Moody, Chief Executive Officer, commented: "Civita is the first operated field development undertaken by Rockhopper. It has been completed on time and on budget and represents a great technical and management achievement for the Company. First gas from Civita, coupled with the recent drilling success at Guendalina, reinforces the benefit of our Mediterranean portfolio to our wider business, as well as its highly valuable contribution to our financial position."
Ends.
Enquiries
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
Tel: 020 7016 9571
Peter Reilly
Patrick d'Ancona
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.