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Intense Falklands' oil drilling campaign forecasts Rockhopper

Saturday, December 8th 2007 - 20:00 UTC
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Rockhopper Exploration reported Friday that Wavefield Inseis had successfully collected the site survey data over the Ernest prospect in oil exploration license PL024, 100km off the Falkland Islands.

Pierre Jungels, Rockhopper's executive chairman, said that with the site survey now complete and an Environmental Impact Assessment underway, the company was close to being in a position to drill, subject to rig availability. "The possibility of a large Falklands drilling campaign has become more concrete with BHP's entry into the region and Rockhopper would certainly be interested in participating in any such campaign," Jungels said. "The farm out market is improving as is the market for mid water semis, giving us a number of options for drilling once we are ready". Jungels added that Rockhopper was making good progress in its interpretation of the 3D seismic data over licences PL032 and PL033 and initial indications were encouraging. "We should be in a position to update the market on the final interpretation results before the end of January" said Jungels insisting that "we will then reprocess that 3D seismic to remove the need for additional site surveys in that acreage and we should therefore have several drillable targets once our interpretation and reprocessing is completed". The Rockhopper Group started trading in February 2004 to invest in and carry out an offshore oil exploration programme to the north of the Falkland Islands. The Group, floated on AIM in August 2005, is currently the largest license holder in the North Falkland Basin and has a 100% interest in four offshore production licences which cover approximately 5,800 sq. km.

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