Falklands Rockhopper contracts further drilling of four wells
Rockhopper Exploration plc announced on Thursday a further drilling of four wells offshore the Falkland Islands. The first of them, 14/10-6, will be the third appraisal well on the Sea Lion feature where the discovery of oil at commercial rate has been confirmed.
The North Falkland Basin oil and gas exploration company said in an official release that “it has entered into a further assignment agreement to secure an additional well slot on the Ocean Guardian drilling rig. Rockhopper will shortly drill well 14/10-6, its third appraisal well on the Sea Lion feature, followed by an additional three wells in succession”.
Earlier this week CEO Sam Moody said that the company is already moving to obtain financing on a larger scale for the development of Sea Lion as well as considering options for extraction and storage of oil.
“Although Rockhopper has the funds to complete the Sea Lion field appraisal program, moving to development would require financing on a larger scale, via industry participants, reserve based lenders, and the equity market”, said CEO Moody adding that since it is a new basin the process is expected to take longer than in a mature region.
Rockhopper is also considering different options for the process of extracting the oil at Sea Lion which could involve an FPSO or TLP with a floating storage unit (FSU).
“Once concept selection work and drilling are completed, the company will define the FEED and prepare the field development plan, which must be submitted to the Falkland Island government by April 2013 (three years from the spud date of the discovery well)” pointed out CEO Moody.
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 June 2011 and was the first oil to flow to surface in Falkland Islands waters.
The company is currently carrying out further drilling on Licence PL032 and 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 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, contracted by Desire Petroleum, arrived in Falkland waters to carry out a multi-well drilling campaign.
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”Falklands Rockhopper contracts further drilling of FOUR (4) wells !!!!
Further drilling of FOUR (4) wells !!!
FOUR (4) wells !!
FOUR (4) ?
Hmmmmmmmmmmmmm………....................................................
Lets check the Company’s own webpage:
Rockhopper Exploration plc / Additional Drilling Slot
Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company,
announces that it has entered into a further assignment agreement to secure an additional well slot on the Ocean Guardian drilling rig.
www.rockhopperexploration.co.uk/pdf/additional-rig-slot-July-FINAL.pdf
4 - 3 = 1
Chuckle chuckle™
14/10-6 + 3 others = 4 wells.
Did you pass maths?
“Falklands Rockhopper contracts further drilling of four wells”
Did you pass English?
Chuckle chuckle™
Back to Oil………………...................................................................
A pair of “Tricky Questions”:
Why hasn’t Rockhopper spudded well 14/10-6, its third appraisal well on the Sea Lion feature yet?
Why are they allowing an oilrig costing around 600.000 U$S a day to float idle in the South-Atlantic a whole fortnight?
You forgot to include lunch and smoking breaks…………
You are writing “for the audience” lad………..
Fourteen days to move 5 miles !!!
Chuckle chuckle™……………
l do believe that you're jealous Cher Think!
Jambhala, the British Oil Guru from www.iii.co.uk is commenting again.
Some of today’s pearls:
”RKH is running out of money faster than Berlusconi is running out of 17 year olds. These back to back wells ain't comin cheap and no DES/ARG to relieve the pressure on the b/sheet.”
”Still haven't spudded 14/10-6 lol, throwing money away.”
”14/10-6 could go horribly wrong. Add in general market uncertainty (European governments are bankrupt and no amount of window dressing changes that). We are heading for retest of 200p.”
”And I haven't even started on the inevitable funding problem looming ever larger....”
PS:
Rockhopper down again today -2.48%
Maybe our Environmenmtal and Health & Safety Laws are tighter and thus take more time to comply with in this type of operation that those on Argentina,s side of the line?
Who,s system does Arg follow and base itself on? - the European North Sea standards - or USA?
A blow-out failure and major spill in the current drilling area Arg is working in would sure be a disaster for our wildlife as it would most likley all end up on our beaches!
Hahahaha
I've told you before ... an open site. Much as the Comments section of the Daily Mail is. Being selective again are we?
“This is like watching a car crash in slow motion !
No oil. No money. Poor acreage. Poor management.”
The only things I know for sure about Jambhala, the British Oil Guru from www.iii.co.uk are:
1) He is funny………………
2) He has ”called it right” astonishingly many times about the British Pirate Oil Adventure in South-America.
3) Mr. Beef, our own in-house ”oil expert”, tries hard to defame him at iii, by calling him an RG :-)
Long live “Jambhala”
May he be right about Malvinas Oil.
May all his investments turn out to be 50-baggers.
Don't Think so...................
Garbled is a well mannered Essex gentleman......
Garbled doesn't insult people, not even Shakespearean-wise.......
Mr. Beef, on the other hand seems to be be a person with more hair than wit, and more faults than hairs, more wealth than faults and with a head standing so tickle on his shoulders, that a milkmaid, if she be in love, may sigh it off……………….
Perhaps Marlon? and I'm not talking about the actor but a hairy monkey instead?
As you can infere from the comments of the article linked below, Mr. Beef’s “iii” identity was revealed to me, by chance, some time ago.
en.mercopress.com/2010/10/28/falklands-desire-shares-soar-amid-speculation-of-bid-approach
He is not “Marlonmonkey” :-)
Saludos
New position of the Ocean Guardian rig . (Malvinas)
Notam update (10 Jul 2011):
AVOID OVER FLYING OIL RIG
PSN: 49º16’18.30’’S 59º06’55.33’’W
Previous Notam (26 Jun 2011):
AVOID OVER FLYING OIL RIG
PSN: 49º 15’ 40.30’’S 59º 03’ 40.42’’W
If the info above is accurate, (as it should be) it means that it took two weeks to move the rig 2.4 whopping miles (and, before you ask, the weather has been nice).
Apparently Rockhopper doesn’t want to leave their “comfort zone” …………
Chuckle chuckle™
Jambhala was right...
Urinehopper 241.75 -14.00 (-5.47%)
Something very weird is happening in the Argentinean South Atlantic………..
Today, the Ocean Guardian rig is reported back at its position from the 26 June !!!
pilotweb.nas.faa.gov/PilotWeb/notamRetrievalByICAOAction.do?method=displayByICAOs&formatType=ICAO&retrieveLocId=EGYP&reportType=RAW&actionType=notamRetrievalByICAOs
And Rockflopper’s share price tumbled a whopping 5% down….., apparently without motive.
Anybody cares to comment???
Nice try Sassenach……………but:
Average wind speed for July has been 43.8 km/h. That’s a breeze down here.
I very much doubt your info is more reliable than the Ocean Guardian rig own weather station….:
www.wunderground.com/weatherstation/WXDailyHistory.asp?ID=M62141&day=12&year=2011&month=7&graphspan=month
Nice try as think but I have my arse covered...(I see you pinched that weblink from II, hardly their own weather station ;)
You ever tried moving a rig that is 200 ft tall in 48kmph winds gusting to 84kmph....with 6 metre swells.....also...
The crew are having a well earned R&R in that well known clubbing capital of the South Atlantic....Stanley....
So difficult weather conditions + skeleton crew= not much happening.....
hope that clears things up......
Let’s do some maths:
18 days (and counting) to move the rig (some 4 km) á 600,000U$S per day = 10,800,000 U$S
Quite an expensive ”Crew R&R”
Let’s now have a look at the weather:
Last week average wind speed: 40.6 km/h
This week average wind speed: 42.8 km/h
A mere brise on this parts..................................................................................
www.wunderground.com/weatherstation/WXDailyHistory.asp?ID=M62141&graphspan=week&month=7&day=6&year=2011
Let’s now take a fresh look at the share-price:
Oooooops…… down again 4% to 233,50 p
Not much happening???
♂ Chuckle chuckle™ ♂
Catch a Falling Star
”In 5 weeks this share has dropped 15%. I won't even metion the percentage drop from the dizzy heights of less than a year ago up in the £5 range.
My subject title seems very apt as it appears that no amount of good news, theories, guesstimations as to the amounts of oil in the ground or juct good old speculation will shift this price upwards and certainly not back above even the £3 mark.
Definitely a falling star and no doubt still has a lot further to fall. One even doubts if this company will ever pump oil out of the ground. I can see why some are jumping ship.
Before I am berated for my thoughts, I am just a long term holder of RKH that is getting well and truely phissed off with the forever dwindling shareprice. I expect to see it well below the £2 mark yet and ask the question WHY? Turn off the life support and let us pass in peace!!
www.ieco.clarin.com/economia/Falta_de_combustibles-Tucuman-Misiones-Santa_Fe-consumidores-Clarin-com_0_517748491.html
Methinks you are a bit of a liar, do you work for INDEC?
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