Drilling Update - Rachel well

RNS Number : 3401V

Rockhopper Exploration plc

01 November 2010

 



For immediate release: 1 November 2010

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Rachel well - UPDATE

Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, notes the update from Desire Petroleum plc (the "Operator") regarding the 14/15-1Z sidetrack well on the Rachel prospect (Rockhopper: 7.5% working interest).

The Operator announced that, due to wellbore stability issues through the deviated section of the wellbore (forty degree hole inclination), it was not possible to reach the target depths in the first wireline logging run. The hole is now being cleaned out prior to making a further attempt.

A further update will be made when appropriate.

Enquiries:

Rockhopper Exploration plc

Sam Moody  Chief Executive

Tel. [phone] (via M: Communications)

M: Communications

Patrick d'Ancona or Ben Simons

Tel. [phone]

Canaccord Genuity Limited

Charles Berkeley / 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 was the first oil discovery and Contingent Oil Resource in the North Falkland Basin. The Sea Lion discovery was successfully tested during September 2010 and was the first oil to flow to surface in Falkland Islands waters. Rockhopper has contracted seismic vessels MV Polarcus Asima and Nadia to carry out a 3D seismic survey, beginning December 2010, over areas of licences PL024, PL032 and PL033 which were not previously defined by 3D, as well as adjacent areas.

Rockhopper Exploration plc www.rockhopperexploration.co.uk

 

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