Sea Lion - Results of Sample

RNS Number : 6927O

Rockhopper Exploration plc

02 July 2010

 



Embargoed: 0700hrs, 2 July 2010

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Sea Lion Exploration Well Ð 14/10-2

Oil Discovery Ð Results of Sample Analysis

Rockhopper Exploration, the North Falkland Basin oil and gas exploration company, is pleased to provide results following analysis of wireline MDT samples obtained from the recent Sea Lion 14/10-2 oil discovery well in the North Falkland Basin.

Samples analysed under reservoir conditions in a specialist laboratory are confirmed as medium grade crude with the following characteristics:

á      API confirmed as 26.4 - 29.2 degrees

á      Low Viscosity of 6.5 - 8.5 centipoises at reservoir pressure

á      Gas Oil Ratio of 261 - 272 standard cubic feet per stock tank barrel

á      A typical Wax Content of 18.4% - 20.8% wt*

á      Formation Value Factor (FVF) of 1.16

á      Low sulphur of around 0.2% weight

Sam Moody, Managing Director, commented:

"These positive results, when combined with our knowledge of reservoir quality from logging data, give us further comfort that a flow test of the Sea Lion well will confirm a mobile crude oil.

The wax content is typical for a lacustrine sourced crude oil and significantly lower than many other producing oilfields worldwide. Furthermore the viscosity, gas oil ratio, FVF and sulphur are all better than we anticipated."

*%wt = percentage weight from chemical analysis of crude oil sample

Enquiries:

Rockhopper Exploration plc

Sam Moody - Managing Director

Tel. [phone] (via M: Communications)

M: Communications

Patrick dÕAncona or Ben Simons

Tel. [phone]

Canaccord Genuity Limited
Robert Finlay / 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 holds 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 (7.5% working interest) to licences PL003 and PL004, which are operated by Desire Petroleum. These licences have been granted by the Falkland Islands government.

An extensive work programme has been 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 (CSEM). 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 its Sea Lion prospect during April and May 2010, the result of which is the first oil discovery and Contingent Oil Resource in the North Falkland Basin. The Company intends to drill its Ernest prospect later during 2010 in addition to testing the Sea Lion discovery and participating in further wells with Desire.

Rockhopper Exploration plc www.rockhopperexploration.co.uk 

NB: This statement has been reviewed and approved by the CompanyÕs geological staff, including David Bodecott (Exploration Director), who is a Member of Petroleum Exploration Society of Great Britain (PESGB) and the American Association of Petroleum Geologists (AAPG) with over 30 years of experience in petroleum exploration and management, for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects.

 

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