Completion of Guendalina Sidetrack

RNS Number : 1139F

Rockhopper Exploration plc

10 November 2015

 

10 November 2015

Rockhopper Exploration plc

"Rockhopper" or the "Company"

Completion of Guendalina Sidetrack

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to announce the successful completion of the side track well GU2-Dir A (the "Well") at the Guendalina gas field (Eni 80% Operator, Rockhopper 20%) in the Northern Adriatic, offshore Italy.

The Well, which was drilled on time and on budget, reached a planned total depth of 3,276m.  All target horizons within the Pliocene were gas-bearing and penetrated in an up-dip position with anticipated reservoir characteristics. Additionally, two deeper gas levels were encountered that have been perforated as part of the dual string completion.

The rig moved off location on 4 November and production has now resumed.  Total production from the field is stabilised at approximately 440,000 standard cubic metres (scm) per day gross, 88,000 scm per day net to Rockhopper (580 barrels of oil equivalent (boe) per day), representing an increase of 190% from the last reported rates of approximately 200 boe per day net.

At current gas prices and exchange rates, Rockhopper anticipates revenue from Guendalina, net to the Company, of approximately US$ 7 million in 2016.

Sam Moody, Chief Executive Officer, commented: "We are delighted with the results of the sidetrack operation, which has delivered the Company a material increase in our daily production, added to which we anticipate that we should be commencing production on our 100% operated onshore gas development Civita by the end of this year. This boost to revenue and cash flow also reinforces our strong financial position and demonstrates real progress in the building of our Greater Mediterranean portfolio post the acquisition of Mediterranean Oil & Gas plc."

Ends.

Enquiries

For further information, please contact:

Rockhopper Exploration plc

Tel: (via Vigo Communications) - 020 7016 9571

Sam Moody - Chief Executive

Fiona MacAulay - Chief Operating Officer

Stewart MacDonald - Chief Financial Officer

Canaccord Genuity Limited (NOMAD and Joint Broker)

Tel: [phone]

Henry Fitzgerald-O'Connor

Liberum Capital (Joint Broker)

Tel: [phone]

Clayton Bush

Vigo Communications

Tel: [phone]

Peter Reilly

Patrick d'Ancona

Note regarding Rockhopper oil and gas disclosure

This announcement has been approved by Rockhopper's geological staff who include Fiona MacAulay (Chief Operating Officer), who is a Fellow of the Geological Society of London and a Member of the Petroleum Exploration Society of Great Britain and American Association of Petroleum Geologists with over 25 years of experience in petroleum exploration and management, and who is the qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies. In compiling its resource estimates, Rockhopper has used the definitions and guidelines as set forth in the 2007 Petroleum Resources Management System approved by the Society of Petroleum Engineers.

 

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