Rockhopper: N. Falkland Well Spud
Rockhopper Exploration plc, the North Falkland Basin oil and gas exploration company, noted the announcement by Desire Petroleum PLC that the Liz 14/19-A Exploration well, in which Rockhopper has a 7.5% working interest, was spudded Monday.
Rockhopper is scheduled to drill the Sea Lion 14/10-B Exploration well (100% Rockhopper) following completion of the Liz well, which has an estimated duration of 30 days Rockhopper was established in February 2004 with a strategy to invest in and carry out an offshore oil exploration program to the north of the Falkland Islands. The Company floated on AIM in August 2005 and holds a 100 percent. interest in four offshore production licenses: PL023, PL024, PL032 and PL033 which cover approximately 3,800 sq. km. Rockhopper has also farmed in to licenses PL003 and PL004 which are operated by Desire Petroleum in which it holds a 7.5% working interest. These licenses have been granted by the Falkland Islands government.
An extensive work program has been carried out over a number of years the licenses operated by Rockhopper. This has including 2D and 3D Seismic and Controlled Source Electromagnetic Mapping (CSEM). Rockhopper intends to drill the Sea Lion and Ernest prospects on its acreage during 2010 in addition to participating in three further wells with Desire. In November 2009 the Company completed an equity placing to raise gross proceeds of GBP50 million which covers the anticipated costs of these wells, including contingencies. In February 2010 the Ocean Guardian drilling rig arrived in Falklands waters to begin a drilling campaign on each of these prospects during 2010.