Rockhopper spuds second well in Falklands North Basin
Rockhopper Exploration (AIM: RKH) announced that on Friday early morning it had spudded Ernest 26/6-1 exploration well in the North Falkland Basin, the second well the British company is drilling following the successful discovery of oil in its Sea Lion prospect.
The Ernest prospect is located on Licence PL024 and Rockhopper holds a 100% interest. The well is being drilled to an estimated target depth of circa 2,400 metres. Drilling operations are expected to take approximately 30 days.
Ernest is being drilled using the fourth rig slot in the overall drilling program of the ‘Ocean Guardian’ rig contracted by Desire Petroleum and leased to other companies operating in Falklands’ waters.
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 flow testing on the oil discovery.
Rockhopper was established in February 2004 with a strategy to invest in and carry out an offshore oil exploration program to the north of the Falkland Islands. The Company floated on AIM in August 2005 and holds a 100% 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.
In February 2010, the Ocean Guardian drilling rig arrived in Falkland waters to carry out a multi-well drilling campaign.
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Keep up before you bother us.
so why havent you found any oil yet,
Cant see the argies doing any such thing!
If you truly belive that this verbal Argentine dispute over the Islands will bring doom to the Oil Exploration then why would you buy equity? If you are so certain of your position and eventual result, then the logical action would be to open up a short position in your SB account!
A poster by the name of gdr tried to to come one here and attempt to bulls**t his way through posts. He was easily exposed and ran off with his tail between his legs.
Now run along little boy!
50pence aint worth much
As always interesting and instructive to read your posts but.............
You say:
”” The majority of shares are owned by IIs and these big boys price all eventualities into the sp. Neither the IIs or the PIs (like me) consider Argentina's spurious claims of any significance.””
I say:
As I said before, the inflexion point was February 2010.
Already today (July 2010) the ” Big Boys” are beginning to take notice of “eventualities” like the ”Political Noise” down here.
We are steadily upgrading it to ”Political Risk” then “Political Situation” and hopefully in the mid/long term to “Political Reality”
www.moneyweek.com/investment-advice/how-to-invest/investment-strategy-beware-political-risk-01911.aspx
www.investingcontrarian.com/financial-news-network/falkland-oil-and-gas-shares-plunge/
And, of course, the market has reacted “until now” in a logical way.
Argentina had dismantled its military.....
No possibility of military actions by them (Thanks God!!!) .....
And their political declarations have usually just been empty words.........
But, as you easily can find out, things have changed quite dramatically in S.A. in the last 10 years.....
You (Britain) better begin to take that “eventuality” a little bit more seriously :-)
If Shell return to the Islands to buy out the small expo companies then as you agreed Argentina cannot really ban Shell from trading in country.
Money and power will decide these things as it always does.
Anyway. Billy's post was still as transparent as a peice od acetate. He should try better next time.
You say:
”Billy's (Hayes) post was still as transparent as a piece of acetate. He should try better next time.
I say:
What can you expect from a Billy Hayes :-)
www.youtube.com/watch?v=_pp1Zyo6nx4
You say:
”For the moment CFK is focused on the election in 2011 and as you will know she is fighting for her political survival.”
I say:
You really should keep with the News when commenting.
You correctly criticize Marco at (2) for posting some old news from April 2010.
But your “news” about Cristina “struggling for survival” are more than 1 year old.
All indicators (domestic and international) are favourable for her at the moment and in the previsible future.
You just have to read them.
And of course money will decide.........
We are playing this game for the decision to fall in our favour.........
ROTFLAMO
Right, so you tear up agreements guaranteeing Argentine involvment and you would have us believe it is a Machiavellian plot to get more in your favour. Think even for you thats delusional.
This of course wasn't done for domestic political consumption, beating the usual drum about the “big lie” to distract attention from domestic political woes.
Tell me has China bought any Soya yet and did the further imposition of “tariffs” to protect inefficient Argentina industries help.
Hi-ho, hi-ho, it's off to work we go.
Instead of the pittances of the doggy tail
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