Rockhopper raises its estimate of oil in North Falkland basin to 608 million barrels
Rockhopper Exploration PLC upgraded its estimates of how much oil it could find off the Falkland Islands, boosting hopes that the remote territory in the South Atlantic could become a new oil province.
Rockhopper said on Monday that new seismic data indicated that its Sea Lion discovery in the North Falkland basin could extend further than it previously thought, as it raised its low case estimate of oil in place to 608 million barrels from 516 million.
Rockhopper is one of a number of explorers drilling in waters off the coast of the British Overseas Territory Falkland Islands in the South Atlantic. Drilling is ongoing to try to establish whether there are sufficient quantities of viable oil to justify investing in infrastructure.
“We are highly encouraged by the interpretation of new seismic data which identifies both significant reservoir extension and the existence of two additional fan prospects above and beneath the Sea Lion Main Complex,” said Chief Executive Sam Moody in a statement.
Rockhopper called the two additional prospects Caspar and Kermit and said they could hold significant further resources.
Using the company's mid-case estimate of resources at the Sea Lion discovery and based on a recovery factor of 30%, 325 million barrels of oil could be produced from the field, it said.
Depending on the results of an appraisal well which it will start to drill shortly, Rockhopper said it may choose to drill other wells in addition to the three remaining wells scheduled.
Shares in Rockhopper On Friday closed at 217.8 pence, valuing the company at £ 562.5 million (915 million dollars). On Monday they bounced back strongly and touched 257p on the announcement, closing 19.25p better at 237pence.
Responding to Rockhopper’s revelation that there may be more oil than expected on one of the licences off the Falklands, Desire Petroleum gushed to 20.9p and ended 2.25p higher at 19.25p. The stock crashed in March when the company admitted that the Rachel North well being drilled off the Falklands was not commercially viable.
Among other companies looking for black gold in the Falklands, Argos Resources firmed 0.75p to 25.25p and Borders & Southern rose 2.5p to 53.5p.
In a short release Desire said that Rockhopper statement was encouraging in particular that the Sea Lion Main Complex is believed to extend into licence PL004 (Tranche D), in which Desire has a 92.5% interest.
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71 comments Feed
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I love the fact that the Argie-nutters whinge about oil-spills when WE drill, and puff their chests out with Latin-macho pride when they drill in even deeper water a hundred km away closer to their own shore!!!
At least there's one ecological consolation for them - they didn't find any oil to spill.
I don't support a football team, I support Rockhopper!! Dave Bodecott is the Wayne Rooney of geology and Pierre Jungles is the Alex Ferguson of E&P!
There's only ONE Sam Moody!!! One Sam Moody! There's only one Sam Moody!!
A new prospect called Kermit. Looks like Marcos is not the only Muppet in the South Atlantic.
Looks like the Singaporeans have placed the right bet.
[] - 05.48 am GMT
[] - 06.02 am GMT
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[] - 06.44 am GMT
probably not written from UK !!
probably written from West USA ....Australia !!
These share price rises are no indication of the extent of the riches to be found around the Falkland Islands.
However I am bound to say that if oil does exist in commercial quantities then it is only fair that the Islanders and Oil Companies are rewarded for their faith, determination and fortitude.
But as the Argentinians keep telling us - there is no oil.
pardon ,you are true !
the other 4 comments time ??
I'm a doctor, and I'd just finished a night shift.........
you know that some 36 % of medical students and doctors in the
British National Health Service are of Indian origins !!
40% of them are of Indian + Pakistani+ Bangladeshi ..!!
is this a kind of social mutation ??
Are you some kind of racist mutant??
8 Beef---- They probably don't know what an iPhone is down in that part of the world
tick,tock,tick,tock....time is running out chay.
Geo... posting at 1000z .......... must be unemployed............ so I was correct when I picked him as an Argentine economist the other day.....
The multinational big oil companies don't give a crap about Argentina. You have pissed Shell off so much that they are selling and BP got rid of their assets a while back. Hence why you also have energy shortages at times!
It appears the Singapore gvt care about the Falkland Islands and their oil as they have a significant stake in the exploration and eventual production.
Tick, tock until I upgrade to the XJ from the S-Type!
l think he's overawed with his new hero Alejandro A.
Or he may have flown up to Florida to pay homage to the idiot.
Jan 2010
“There is no oil”
March 2010
“There might be some oil, but its bad quality”
May 2010
“They are lying about the oil find”
June 2010
“There is oil but it is not commercially exploitable”
October 2010
“Rockflopper is failing”
Feb 2011
“RockFlopper has deliberately exaggerated its appraisal”
March 2011
“Although Sea lion is commercial, Rockflopper will bankrupt trying to make it so”
June 2011
”Rockflopper's shares are going down, the oil rig isn't moving CONSPIRACY!!!!! they are lying about the appraisal, the oil isn't there its all lies LIES! Bingham said so!!!
August 2011
........................................................
Jan 2010
Think wasn’t posting
March 2010
Think wasn’t posting
May 2010
Think wasn’t posting
June 2010
“There is oil but it is not commercially exploitable”
October 2010
“Desire Petroleum is failing” (And so it did…….:-)
Feb 2011
“RockFlopper has deliberately exaggerated its appraisal”
March 2011
“There is oil but it is not commercially exploitable”
June 2011
”Rockflopper's shares are going down, the oil rig isn't moving Strange!!! they are lying about the appraisal, they are NOT producing a Competent Persons Raport!!! Why???
August 2011
Rockflopper is still lying about the amount of oil and it's commerciallity.
Rockflopper is still NOT producing a Competent Persons Raport!!! Why???
1) They haven't finished appraising the extent of Sealion
2) A CPR costs a million dollars or so, so why get one with only half the data needed to complete it?
3) They've got enough cash to keep drilling for another 6 months or more at full rate - there's no hurry because they don't need to raise more cash. When they do, the CPR will come in handy.
No better way to make some quick cash than getting listed on the Alternatives.
For a CPR to be issued needs this thing called “data”. I know this thing called “data” confuses you (after all your universities are crap with only 1 in the Shanghai Jiao Tong top 500) but you have to go out and collect it and that takes this other thing called drilling and seismic. At present RKH is doing the data collection and then will had onto RPS to perform the CPR!
Your post sounded a bit like desperation Think. Have you taken a bang on the head or is British sovereignty in the FI and the successful RKH drilling programme just too much for you?
At some point think you will have to make your mind up. The sooner you look at the facts and make the logical conclusion the sooner you will look less like a muppet. Kermit anyone, RKH have just found him near sealion!
££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££££!!
we see that the Brits are very dexterous at sea drillings ..
Mexico Bay....North Sea... next probably S.Atlantic.??....
www.spiegel.de/international/europe/0,1518,780723,00.html
you can access related Axel Bojanowsky' s article
“” Sheel under fire over silent tactics “” 08/17/2011
or
www.spiegel.de/international/topic/united_kingdom/
I see the Argies are pretty useless at gaining leverage. It is pleasing to know that British soverignty in the FI gets right up Argie noses though, pretty amusing! Chuckle chuckle!!!!!
“Britain's economic recovery hopes were dashed today as official figures showed unemployment rose by 38,000 in the three months to June to 2.49m and the number of people working part-time because they could not find full-time jobs surged to a new record high”
www.telegraph.co.uk/finance/jobs/8705999/Part-time-Britain-hits-record-high-as-unemployment-soars.html
www.spiegel.de/images/image-158237-galleryV9-jwzi.jpg
www.dailymail.co.uk/debate/article-1116085/JOHN-MACLEOD-The-ugly-truth-Scots-shameful-anti-English-bigotry.html
Reading your previous comments one can deduce that:
1) You must be a youngish doctor working for the NHS. (An institution I highly respect. Wish we could create something similar in Argentina ((1980 version, not 2011 version though)).
2) You seem to have a well developed British sense of humour…. I won’t mention the War either…
3) You are heavily invested in Rockflopper………..
About Rockflopper and the “missing” CPR:
It’s not me claiming for a CPR, it is the Market and many, many institutional and private investors……….The “Desire Petroleum” virus is alive and kicking………
One million dollars is “nothing compared” to the significance of such a report to attract serious investors to the company, not just speculators and shorters….
Rockflopper is swiftly running out of cash… You know it, the market knows it… The “Desire Petroleum” virus again…………..
Hoping for the worst for Rockflopper and Co.
Respectfully yours
El Think
can they disprove the above otherwise?.....eeeer
don't forget of the last year's Northern Australia oil disaster
which covered up by sleight in hand ..!!
deep sea drilling needs to have different & advanced technologies
you don't have..
“UK retail sales stagnate, adds to gloom on economy”
No problem, Urinehopper stocks are rising , are they? (-6.70% so far) :-)))
www.telegraph.co.uk/finance/economics/8708617/UK-retail-sales-stagnate-adds-to-gloom-on-economy.html
I'm not young at all, in fact I'm a fairly senior GP and Forensic Doctor!! I'm fairly heavily invested in Rockhopper, and have done very well so far - because I've 'done my own research'.
Having a number of degrees myself, turning my hand to study geology in my spare time has been a lot of fun.
I can assure you that:
1) Rockhopper has enough money to operate (i.e. Drill) continuously until well into 2012 so they DON'T NEED TO RAISE CASH RIGHT NOW.
2) As for the 'CPR' - if you were planning to extend your house and improve it before putting it on the market to sell it - would you get the real estate agent to come in and value the property before or after you had spent the money and done the work??
Every drill that RKH do gives a huge amount of data, and this data adds to the certainty with which their geologists in Perth can 'size' sealion, and the amount of recoverable oil that they will allow to be 'booked' as reserves rather than the current 'prospective resources'.
In fact, what RKH need is NOT a CPR - its a 'Reserves Report' - this will then allow them to BORROW money to fund development, rather than just placing more shares on the market. Singapore has an interest in this now, and this is probably one of the most easily developed offshore 'giant' fields discovered in the world in the past 10 years - not to deep, high quality, mobile medium gravity crude!!
Shuttle tanker to Cape Town or Mumbai or Santiago.................the Argentinians will be the only people with their hands in their pockets when the money starts falling from the sky.
I am a big fan of good Malbec however, so some of the money will find it's way to Mendoza whether CFK likes it or not.
So senior and still doing night shifts?
No respect for the elderly GP’s these days :-)
About Rockflopper:
Hmmmmm………an “Optimist” and a “Geologist” You must love “Garbled” and “Marlonmonkey”……..
Not surprisingly, I like “Ace8” and “Jambhala” better…….
Says it all…. Doesn’t it?
l think l'll make it do some work.
could - El Think & Personifications Co .- be a Brits agent ?
M_of_FI Hey I am glad that you enjoy them!
US and Europe 'dangerously close to recession'
“The total value of Britain’s biggest companies fell another £13.4bn”
www.telegraph.co.uk/finance/financialcrisis/8712653/US-and-Europe-dangerously-close-to-recession.html
No wonder so many Brits and Americans are moving down here.
www.xe.com/currencycharts/?from=ARS&to=GBP
And the RG peso has died in the ARS... in fact it has done the 'Full Belgrano'...
Thanks dude.
WE DO NOT CARE ABOUT YOUR RIGHTS!!!
WE DO NOT RECONGNISE YOUR RIGHTS!!!
YOU ARE IN ILLEGAL OCCUPATION OF ARGENTINE TERRITORY!!!
YOU WILL BE FORCED TO COMPLY!!!
GRAB HOLD OF THE HEART AND THE MIND WILL FOLLOW. THIS IS OUR PHILOSOPHY. ARGENTINE HAS LONG PROUD HISTORY OF FASCISM AND THIS IS WHAT WILL ALWAYS TRIUMPH WHEN SOCIALISTAS COME TO POWER. WE WILL TAKE OVER LAS MALVINAS AGAIN!!!
WE DO NOT COMPLY WITH DEMANDS OF UN.
WE DO NOT COMPLY WITH ORDERS OF EU.
WE HATE US IMPERIALISM, WHICH IS EXTENSION OF BRITISH QUEENS RULE OF PLANET EARTH!!!
WE WILL CRUSH YOU LITTLE ISLANDERS. NO ONE WILL CARE!!!
got to be a argie pretending to be a brit pretending he is a argie
kansas city shuffle anyone
Maritime nation again within ten years . mmm
www.dailymail.co.uk/money/markets/article-2026337/CITY-FOCUS-Pirates-high-seas-block-Britain-s-bid-rule-waves.html
you never know .
.
“What royal navy?we don't have one anymore,remember”
- Oddy, B'ham
“They may also stand in the way of hopes that Britannia will rule the waves once again”
I have to admit that these new pirates learned from the very best.
www.dailymail.co.uk/news/article-2003564/Libya-War-Royal-Navy-shambles-say-sailors-Admirals-comments.html
Hello, Flippers, increased your dose have they? Why don't you leave the safety of Canada & come down here & “liberate” the Falklands all by your wittle self? You are an idiot, boy.
You should of seen those babies cry before the match against Wales. Bet they were at it again after that beating they took. I thought Argentinians were supposed to be macho or is that the Brazilians?
THEY think they're macho.
Maritime nation again within ten years .
and yes i did read what it said below,
but if we are to frow again, then by default the royal navy must grow also, its only a matter of time, either our goverment wakes up, or something will happen, and they will be forced to re-invest in the navy, either way, your chances are getting smaller every day,
soon even talking with get you knoweare
falklandsnews.wordpress.com/2011/08/22/spuds/
up, up the shares do go,
but the oil alas,
will never flow.
And as the directors grab their cash and go
the oil, the oil,
will never flow!
(from Hiram Guido's guide to making easy money on the AIM market)
keep playing your playstation
But when the oil begins to flow, the argies will be poorly sorry
For ignorance is surely the better half of stupidity ?
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