Drilling Programme Update

RNS Number : 5019G

Rockhopper Exploration plc

02 February 2010

 



Rockhopper Exploration Plc

("Rockhopper" or the "Company")

Drilling Programme Update

Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, is pleased to announce that it has been formally assigned two slots with the Ocean Guardian drilling rig ("Ocean Guardian"), to drill Sea Lion and Ernest, during its forthcoming drilling campaign in the Falklands.  This assignment is pursuant to a rig contract between Desire Petroleum PLC ("Desire") and Diamond Offshore Drilling (UK) Limited ("Diamond") and an assignment document between Desire, Diamond and Rockhopper dated 12^th November 2009.

The Ocean Guardian is due to arrive in the Falklands in February 2010. The first well to be drilled by the rig, due to spud in mid February 2010, will be Liz (Rockhopper: 7.5 per cent interest), located on the western margin of the North Falkland Basin and operated by Desire (92.5 per cent interest).

The second well to be drilled by the Ocean Guardian upon its release from Liz will be Sea Lion (Rockhopper: 100 per cent owned and operated). The prospect is located on the eastern basin margin of the North Falkland Basin and is in close proximity to the Shell well 14/10-1, which recovered live oil.

Rockhopper will then be assigned either the third or fourth slot to drill the Ernest well.  Ernest is located in licence PL024 and has a positive CSEM (Controlled Source Electromagnetic Anomaly).

The Ocean Guardian drilling rig departed the Cromarty Firth in Scotland on Thursday 26 November en route to Liz, in the North Falkland Basin.

Further information regarding the upcoming drilling campaign is contained in Rockhopper's announcement about the recent share placing dated 26 October 2009.

For further information, please contact:

Rockhopper Exploration

Sam Moody - Managing Director

Tel. [phone]

M: Communications

Patrick d'Ancona or Ben Simons

Tel. [phone]

Canaccord Adams
Jeffrey Auld/ Elijah Colby/ Henry Fitzgerald O'Connor

Tel. [phone]

Notes to Editors

Rockhopper was established in February 2004 with a strategy to invest in and carry out an offshore oil exploration programme to the north of the Falkland Islands. The Company floated on AIM in August 2005 and is currently the largest licence holder in the North Falkland Basin with a 100 per cent. interest in four offshore production licences PL023, PL024, PL032 and PL033 which cover approximately 3,800 sq. km. Rockhopper has also farmed in to licences PL03 and PL04 which are operated by Desire Petroleum in which it holds a 7.5% Promoted Interest. These licences have been granted by the Falkland Islands government.

An extensive work programme has been carried out over a number of years on all of the licences in which Rockhopper has an interest. This has including 2D and 3D Seismic and Controlled Source Electromagnetic Mapping (CSEM). A number of well prospects have been identified, including Sea Lion and Ernest (on 100% owned Rockhopper licences) and Liz, Ann and Ninky (on Desire Petroleum licenses in which Rockhopper holds a 7.5% Promoted Interest). In November 2009 the Company completed an equity placing to raise gross proceeds of £50 million which covers the anticipated costs of these wells, including contingencies. The Ocean Guardian Drilling rig has been contracted to carry out a drilling campaign on each of these prospects during 2010.

Rockhopper Exploration plc www.rockhopperexploration.co.uk 

 

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