Rockhopper Makes 2nd Falklands Find
Rockhopper Exploration provided the following update on Exploration well 14/10-9 (the "Well").
The Well penetrated multiple targets: Casper, Sea Lion Main Complex ("SLMC"), Kermit.
The Well was drilled 5.9 km to the south west of the 14/10-2 discovery well towards the southern edge of licence PL032. The Well was successful both in Casper and Sea Lion proving a high quality reservoir package and oil column. Good quality sands with oil shows were also penetrated in Kermit.
The Casper prospect was penetrated in a relatively updip position to the west of the structural low approximately 4.8 km to the west of the 14/10-8 well. Reservoir quality is good with porosity of up to 27% and permeability of up to 232mD. Wireline logging and formation testing indicate 8.4m of net gas pay above 9.6m of net oil pay. The gas oil contact is observed at -2399m tvdss.
The Company believes the presence of the gas cap would be likely to enhance oil productivity from Casper, and additionally Sea Lion development scenarios could include this location for a potential gas disposal well.
The Well penetrated both the SL10 and SL20 lobes of the SLMC. Reservoir quality was good with porosity of up to 27% and permeability of up to 1285mD. Net oil pay was 22m in the SL10 and 14m in the SL20. A free water level with a 10m transition zone above was observed at 2501m at the base of the SLMC. The Company believes the Well result will have a positive impact on the minimum case area for Sea Lion.
Good quality reservoir package was encountered. Reservoir sands were water wet with shows.
Rockhopper now intends to sidetrack the well in order to core both the Casper and Sea Lion formations. These operations are expected to take an additional 7 days following which the well will be plugged and abandoned as planned. A further RNS will be issued once coring operations have been completed.
Rockhopper has now received the necessary regulatory approvals including consent for change of operatorship on licence PL004b. Accordingly, following completion of operations at 14/10-9, Rockhopper intends to drill a well in licence PL004b (now operated by Rockhopper) some 6.3km South West of the 14/10-9 well, which will target the most southerly extent of the SLMC and additionally the Beverley prospect. A further RNS will be made on the spudding of this well.
Samuel Moody, CEO, commented, "We are delighted to be able to confirm our second oil discovery in the Basin along with another successful appraisal well on Sea Lion. The result of this well will significantly increase our minimum case area for SLMC up towards our previously mapped mid-case. This, combined with the Casper discovery will, we believe, have a very positive impact for our low case volumes in place on our acreage. The presence of gas within Casper should prove a benefit to any Sea Lion and Casper developments."
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