Extension of Licences

RNS Number : 1538Q

Rockhopper Exploration plc

02 November 2012

 



Embargoed: 0700hrs, 2 November 2012

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Extension of Licences

Rockhopper, the North Falkland Basin oil and gas exploration company, has received notification that The Falkland Islands Government has granted a one year extension (to 18 November 2013), with no further work commitments, of Production Licences PL023 and PL024, in which Rockhopper has a 40 per cent. interest.

Rockhopper also notes that Production Licences PL003 and PL004 have been extended until 1 May 2016 with a one well work commitment during this period. Rockhopper has a 3 per cent. interest in Licences PL003 and PL004a, a 10 per cent. interest in PL004c and a 24 per cent. interest in PL004b which contains the extension of the Sea Lion Field as well as the Beverley, Casper and Casper South discoveries.

Sam Moody, Chief Executive, commented:

"We are pleased to have received confirmation that PL023 and PL024 have been extended. This will provide a further opportunity to evaluate the largely unexplored potential of these licences, whilst we continue to work with Premier to advance the Sea Lion project located elsewhere in the basin."

Enquiries:

Rockhopper Exploration plc	Tel. [phone]
Sam Moody - Chief Executive	(via M: Communications)
Canaccord Genuity (Nomad and Joint Broker)	[phone]
Henry Fitzgerald-O'Connor / Rob Collins
M: Communications	[phone]
Patrick d'Ancona / Ben Simons

Notes to Editors:

Rockhopper was established in February 2004 with a strategy to invest in and carry out offshore oil exploration to the north of the Falkland Islands. The Company floated on AIM in August 2005 with four offshore production licences: PL023, PL024, PL032 and PL033 which cover approximately 3,800 sq. km. Rockhopper has further smaller interests in licences PL003, PL004a and PL004c, which are operated by Desire Petroleum plc. Additionally, the Company has a significant interest in licence PL004b which contains the extension to the Sea Lion Field as well as the Beverley, Casper and Casper South discoveries.

An extensive work programme was carried out over a number of years on the licences operated by Rockhopper. This has included 2D and 3D seismic and controlled source electromagnetic mapping. In February 2010, the Ocean Guardian drilling rig arrived in Falkland waters to carry out a multi-well drilling campaign. Rockhopper drilled an exploration well on Sea Lion during April and May 2010, the result of which was the first oil discovery and Contingent Resource in the North Falkland Basin. The Sea Lion discovery was successfully tested during September 2010 and June 2011 and was the first oil to flow to surface in Falkland Islands waters. Rockhopper's drilling campaign lasted from 16 April 2010 to 8 January 2012 and resulted in seven successful wells of the ten drilled, with three oil discoveries, three gas discoveries, multiple successful Sea Lion appraisal wells and a successful appraisal well on Casper.

In October 2012 Rockhopper completed a farm-out agreement with Premier Oil plc, whereby Premier Oil acquired 60 per cent. of Rockhopper's interests in its North Falkland Basin licences, with a view to achieving first oil production from Sea Lion in 2017.

Rockhopper Exploration plc www.rockhopperexploration.co.uk 

 

END

 

 

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