MercoPress. South Atlantic News Agency

Falklands’ oil discovery potential to be announced in next fifteen days

Rockhopper exploration announced it had struck oil on the North Falkland basin

A British company which recently announced it had struck oil in Falkland Islands waters expects to provide initial estimates of the potential size of the discovery in the coming two weeks.

Rockhopper Exploration, which operates in the North Falkland Basin said that physical samples extracted from well 14/10-2 on the Sea Lion prospect are currently en route by freight plane to the United Kingdom for their analysis.

Based on this timetable, Rockhopper “anticipates making a further update within the next 10-15 days at which point it expects to be able to provide initial estimates of the potential size of the discovery”.

Precisely for that reason Rockhopper which is an oil and gas exploration company also announced that the well on the Sea Lion prospect has been successfully suspended for future testing. The well was drilled to a total depth of 2,744m and the duration of the rig hire was 35 days.

“I would like to thank the Company's staff, consultants and contractors for running such a professional and seamless operation during the drilling and suspension of our Sea Lion discovery” said Pierre Jungels, the company’s executive chairman.

He added that the outcome “is great news in itself, but it also demonstrates that small operators, with the correct planning by the company, combined with the right support from outside experts and quality contractors, can work to the highest industry standards in terms of health, safety and respect for the environment whilst achieving excellent operational results. We can never be complacent in this regard and will seek to maintain this standard with the drilling of our Ernest prospect in the coming months”.

Rockhopper was established in February 2004 and a 100% interest in four offshore production licences: PL023, PL024, PL032 and PL033 which cover approximately 3,800 sq. km. The exploration company has also farmed in to licences PL003 and PL004 which are operated by Desire Petroleum in which it holds a 7.5% working interest.

All licences have been granted by the Falkland Islands government.