Executive Chairman, Dr. Pierre Jungels commented:
"We completed a successful listing on AIM in August 2005 raising £15 million before expenses to undertake work on all of our license areas.
A 2D program has been completed on licenses PL023 and PL024 and a 3D vessel is now secured for licenses PL032 and PL033. CGG, one of the world's leading marine seismic contractors, will undertake the survey.
We have also completed two Controlled Source Electromagnetic surveys in order to give ourselves greater confidence in the prospects over which they were acquired. These are the first such surveys ever completed in the Falkland Islands, the results of which will be fully integrated with all our other technical studies once they are available.
We remain positive about the prospectivity of the basin as a whole and our acreage specifically."
Rockhopper Exploration plc is currently the largest license holder in the North Falkland Basin and has a 100 per cent. interest in four offshore production licenses which cover approximately 5,800 sq. km. These licenses have been granted by the Falkland Islands government.
Since listing on AIM in August 2005 Rockhopper has undertaken a 2D seismic survey, a controlled source electro magnetic imaging survey and commissioned a 3D survey to be undertaken in late 2006.
Once the results of the two CSEM surveys have been fully integrated into the seismic studies, our knowledge of the southern, undrilled part of the North Falkland Basin will be taken to a new level.
Processing the new 920km 2D seismic survey data is nearing completion. Once we have the processed data, we will focus on interpreting and integrating it into our existing knowledge of the area.
The next active step in our exploration will be the collection of the new 3D seismic survey in licenses PL032 and PL033. Once the data has been acquired, processing and interpretation will carry the work program into 2007.
The ultimate test of any exploration is, of course, drilling. To this end, not only do we have the 7.5% interest in PL003 and PL004, but we are working on our own 100% acreage with modern seismic techniques and CSEM in order to reduce risk before committing to a drilling program. It is our intention to co-operate as fully as possible with other operators in the region in order to reduce costs and maximize not only knowledge and experience, but also the chance of success.
We have achieved a great deal in this first year against a background of increasingly difficult markets for services in the oil sector. We look forward to being able to present the full results of our new 2D and CSEM programs later this year and the results of our significant 3D program during 2007. At that point, we will need to consider our funding options should we confirm the presence of drillable targets in our acreage.
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