Rockhopper provided the following update on the 14/10-8 exploration well (the "Well").
The Well was designed to investigate reservoir and hydrocarbon presence within the Sea Lion Main Complex ("SLMC") in an area with relatively low amplitudes, and was also an exploration well on both the Casper and Kermit prospects.
The Company believes that the Well penetrated a relatively restricted area of the SLMC that appears to be separated from the rest of the SLMC by the fault to the north. The thickness of the reservoir encountered in the well has increased the Company's confidence that good quality reservoir is likely to be present in other relatively low amplitude areas within the SLMC.
Prospective Resource Update
Following wells 14/10-6 and 14/10-7 the Company has undertaken a review with its technical consultants and as a result has refined its methodology for the depth conversion of seismic data over Sea Lion. This revised method proves an improved fit to all of the wells and provided an accurate prediction from 14/10-8. It also brings an increase in gross rock volume above the OWC within the SLMC.
In addition, the results of wells 14/10-7 and 14/10-8 have successfully demonstrated that the reservoir is well developed outside the areas of high amplitudes, therefore increasing the areal extent of the low and mid case for the SLMC post well 14/10-8 even though 14/10-8 itself proved to be water wet.
Using these new data points and taking account of the relatively small area the Company believes was proven water wet by 14/10-8, new management estimates, which have been reviewed by the Company's external technical consultants, for oil initially in place within the SLMC, on Rockhopper's 100% owned acreage, are shown below:
The Company also believes that potential of 90 mmbbls remains in the Casper prospect to the west of the structural saddle.
The Well will now be plugged and abandoned as planned. The Ocean Guardian drilling unit will then drill well 14/10-9 which is located approximately 5.9 km to the south west of the 14/10-2 discovery well. The well is designed to investigate reservoir presence and hydrocarbon charge within the SLMC towards the southern edge of the Company's acreage and is also an exploration well on the Eastern side of the Casper prospect. A further announcement will be made on spudding of the well.
Sam Moody, Chief Executive, commented, "14/10-8 has provided us with further valuable information regarding Sea Lion although its main targets proved to be water wet. We continue to make progress in refining our view of the field's full potential and the optimal ways to both finance and develop it."
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