Last checked at 15 Aug 2017 07:00
15 August 2017
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Update regarding Abu Sennan Drilling Campaign
Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to provide the following update concerning the Abu Sennan drilling concession, onshore Egypt, in which the Company has a 22% working interest.
Production from the six fields within the Abu Sennan concession remains stable, averaging 3,300 barrels of oil equivalent per day ("boepd") gross during the first six months of 2017.
Al Jahraa-9
The Al Jahraa-9 well penetrated 5 metres of reservoir sand in the primary Abu Roash-C ("AR-C") reservoir. Wireline logging and a well test across the interval confirmed that, while the sand is water wet, the reservoir pressure is in line with the producing AR-C reservoir in the Al Jahraa and Al Jahraa SE fields. The well also encountered the deepest known oil shows in the Abu Roash-D and Abu Roash-E ("AR-E") reservoirs, demonstrating further potential at these levels elsewhere in the concession.
The results of the Al Jahraa-9 well will now be integrated with existing data for the Al Jahraa and Al Jahraa SE oil fields to help refine the future development plans for these fields.
Al Jahraa SE-2X
The Al Jahraa SE-2X well has been successfully side-tracked into the Al Jahraa SE field and oil pay has been confirmed from wireline logging in both the AR-C and AR-E reservoirs. The well has recently been completed in the deeper AR-E reservoir and was put onto production at a tubular and pump constrained rate of approximately 250 boepd gross.
Egypt payments
Rockhopper is pleased to confirm that its outstanding receivables balance for Egypt continues to reduce, with further payments having been received in July.
Sam Moody, CEO, commented:
"We are pleased with the overall progress in Egypt and, in particular, with the continuing reduction in our receivables balance. While it is disappointing that the Al Jahraa-9 well was water wet, the deep oil shows are an encouraging indication of the additional potential at these deeper levels in other areas of the concession. Furthermore, with the Al Jahraa SE-2X well having now been completed as a producer, we believe that a well-constructed water flood programme would have the potential to significantly enhance recovery factors achievable at the Al Jahraa field."
For further information, please contact:
Rockhopper Exploration plc
Tel: (via Vigo Communications) - 0207 830 9701
Sam Moody - Chief Executive Officer
Stewart MacDonald - Chief Financial Officer
Canaccord Genuity Limited (NOMAD and Joint Broker)
Tel: 0207 523 8000
Henry Fitzgerald-O'Connor
James Asensio
Peel Hunt LLP (Joint Broker)
Tel: 020 7418 8900
Richard Crichton
Vigo Communications
Tel: 0207 830 9701
Patrick d'Ancona
Ben Simons
Note regarding Rockhopper oil and gas disclosure
This announcement has been approved by Rockhopper's geological staff which includes Lucy Williams (Geoscience Manager) who is a Chartered Geologist, a Fellow of the Geological Society of London and a Member of both 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.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").