MercoPress. South Atlantic News Agency

Rockhopper ends Faklands’ 2010/11 exploration round with three oil discoveries

Ocean Guardian operated ten wells for Rockhopper

Rockhopper Exploration announced Monday that it has completed its successful round of drillings in Falkland Islands waters with the Ocean Guardian rig.

The rig has been towed successfully from the 14/15-4 well location and is now off hire to Rockhopper.14/15-4 was the final well in Rockhopper’s first North Falkland Basin drilling campaign, which has lasted from 16 April 2010 to 8 January 2012.

The Company estimates that it will have over 100 million dollars of cash resources available once all charges for completing the drilling campaign have been accounted for.

“This marks the end of what has been a highly successful and safe drilling campaign. We have operated ten wells, conducted two Drill Stem Tests, two short offset sidetracks and collected in excess of 450m of core with the Ocean Guardian on hire to us for a total of 397 days” said Rockhopper Chief Executive Sam Moody.

He further thanked the company’s team and contractors for their efforts which “have resulted in seven successful wells of our ten drilled, with three oil discoveries, three gas discoveries, multiple successful Sea Lion appraisal wells and a successful appraisal well
on Casper.”

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.

Rockhopper also contracted seismic vessels MV Polarcus Asima and Nadia to carry out a 3D seismic survey over areas of licences PL024, PL032 and PL033 which were not previously defined by 3D, as well as adjacent areas.

Data over the southern portion of licences PL032 and PL033 has been fast track processed and an initial interpretation has now been completed. The balance of the newly acquired 3D seismic data is still being processed and the Company expects it will be available for interpretation during this month.