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Montevideo, November 13th 2018 - 06:55 UTC

Falklands’ oil exploration continues with Rockhopper ready to drill second well

Thursday, July 22nd 2010 - 09:02 UTC
Full article 2 comments
Ocean Guardian is moving back to the Falkland North basin Ocean Guardian is moving back to the Falkland North basin

Rockhopper Exploration the only company so far to have announced the discovery of oil in Falklands’ waters is preparing to spud its second well in the North Falkland basin, the company announced in a release.

On Wednesday morning the company was re-assigned operation of the Ocean Guardian drilling rig which is currently being moved to the Ernest prospect, licence PL024.

After arrival and mobilisation Ocean Guardian will drill Ernest 26/6-1 Exploration Well with operations expected to take approximately 30 days, said the company.

On completion of the Ernest 26/6-1 Exploration Well, it is currently anticipated that the Ocean Guardian will return to Rockhopper's Sea Lion 14/10-2 Well (100% Rockhopper) to conduct tests on the oil discovery.

Rockhopper holds 100% in the PL023, PL024, PL032 and PL033 offshore Falkland production licenses.

With prospective recoverable reserves of 2.5 billion barrels estimated, the company has performed 2D and 3D seismic over the region identifying multiple prospects, including Keppel, Saunders, Usborne, Weddell, Dolphin, Bleaker, Stephens and Fox, among others.

Furthermore, the Johnson prospect is considered to hold multi-trillion cubic feet of natural gas.

The Ocean Guardian has drilled the Liz well for Desire Petroleum, discovering natural gas; the Sea Lion well for Rockhopper, discovering oil; and the Toroa well for Falklands Oil & Gas, which was a dry hole. However it was the first well to be ever drilled to the south of the Falklands.

FOGL junior partner (49%) of Australian mining giant BHP Billiton (51%) has plans to continue with its original exploratory program to the south of the Islands, probably with a deeper water submersible rig.

Two more companies, Borders & Southern Petroleum (in May) and Argos Resources (early July) have announced their intentions of drilling in Falklands’ waters.

 

Top Comments

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  • Hoytred

    Way to go boys ... but hey, is the Argentine blockade causing you problems? ..... No! :-)

    Jul 22nd, 2010 - 12:18 pm 0
  • Beef

    Here is the plan.

    Drill Ernest, find oil (sp rockets) perform successful well test proving commerciality of Ernest (sp rockets); P&A the well. Now move the rig back to Sea Lion and perform another successful well test that proves Sea Lion's commerciality (sp rockets +++) - two such finds makes the basin commercial. Make new share placing at the new sky high share price which gives minimal dilution (sp stable - as it was last time). Use this cash to secure more time with the OG (sp rises again). Argentina rejects the oil finds (nobody gives a toss and sp continues to climb after RKH moves to the main market and becomes an attractive investment to the low to mid risk fund managers).

    Just a prediction of what would be the best outcome. Do your own research!

    Jul 22nd, 2010 - 10:49 pm 0
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