North Falkland basin prospects of 4.3 billion barrels

Monday, November 24th 2008 - 20:00 UTC

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NORTH Falkland Basin oil and gas exploration company Rockhopper Exploration have announced prospects of over four billion barrels of oil and gas.

Executive Chairman, Dr. Pierre Jungels said "We now have in our portfolio prospects with total estimated un-risked recoverable prospective resources of 4.3 billion barrels of oil and multi Tcf of gas which, subject to rig availability, financing and all relevant consents, are ready to drill. We have met with a number of companies as part of our ongoing farm-out program and we continue to keep all options open with regard to funding our drilling commitments. We are currently in discussion with a number of rig contractors regarding securing a suitable drilling vessel and from these discussions have noted an easing in both rates and availability of drilling units in recent months." Interim results for the six months ended 30 September 2008 included: Estimated Prospective Resources Update: - Increased estimates from 1.2 billion barrels recoverable on an unrisked basis to 1.8 billion barrels recoverable in licences PL032 and PL033 - Overall potential increased to 4.3 billion barrels recoverable oil plus multi Tcf Gas Operational highlights: - Seismic anomaly over the Sea Lion Fan strongly suggestive of oil within the system - Benthic sampling completed over licences PL023 and PL024 - Work on Shell well 14/5-1A confirms significant gas shows - New low risk gas prospect identified with proven gas with potential to contain multi-Tcf reserves - Farm out discussions continue - Signs of easing in rig rates and availability Financial highlights: - Placing of new shares in May 2008 raised £3.6m - Total cash and deposit balances at period end of £4.8m Rockhopper is an AIM listed oil and gas exploration company based in the United Kingdom. Rockhopper Group has licences to explore for oil and gas in the North Falkland Basin, a petroleum system with a proven high quality source rock. The company was set up in 2004 and the shares are listed on the London AIM market. Lisa Johnston – SeAled PR - Stanley

Categories: Energy & Oil, Mercosur.

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