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Falklands’ government approves Rockhopper farm-out agreement with Premier Oil

Friday, October 12th 2012 - 17:10 UTC
Full article 55 comments
Desire Petroleum contracted ‘Ocean Guardian’ rig struck oil at its Sea Lion drill Desire Petroleum contracted ‘Ocean Guardian’ rig struck oil at its Sea Lion drill

Rockhopper Exploration which struck oil at its North Falkland basin Sea Lion exploratory well in May 2010 has received formal agreement from the Falkland Islands Government to the farm-out agreement reached with Premier Oil.

The Islands’ Executive Council approved changes to the Company's production licence interests held in the Falklands to permit the assignment of 60% of Rockhopper’s licenses to Premier Oil and the approval of Premier Oil to become the operator of the licenses.

In July 2012 Rockhopper announced that it had entered into a conditional farm-out agreement with Premier Oil plc, whereby Premier agreed to acquire 60% of Rockhopper's interests in its North Falkland Basin licences. Formal completion of the farm-out process is anticipated shortly.

The changes to Rockhopper production licence interests the assignment of 60% of Production Licences PL023, PL024, PL032 and PL033, and 60% of Rockhopper's interest in PL003 and PL004, to Premier Oil Exploration & Production Ltd; and the approval of Premier Oil Exploration & Production Ltd to become operator of Production Licences PL023, PL024, PL032, PL033 and area PL004b of Production Licence PL004, according to the official release.

Earlier this week Rockhopper revealed to the Falklands’ community the socio economic impact study carried out by Plexus Energy on the possible impacts of the Sea Lion development.

Rockhopper has carried out an extensive work program over a number of years on its North Falkland basin including 2D and 3D seismic and controlled source electromagnetic mapping.

In February 2010 the Ocean Guardian drilling rig arrived in Falkland’ waters to carry out a multi-well drilling campaign and Rockhopper drilled an exploration well on Sea Lion during April and May 2010, the result of which was the first oil discovery and Contingent 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's drilling campaign lasted from 16 April 2010 to 8 January 2012 and resulted in seven successful wells of the ten drilled, with three oil discoveries, three gas discoveries, multiple successful Sea Lion appraisal wells and a successful appraisal well on Casper.
 

Financial Tags: DES, PMO, RKH.

Top Comments

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  • Condorito

    Ahhhh pirates steeeling our resources!

    We will build a nuclear bomb and after killing all F. islanders, bring slaves from recently conquered Ghana to work in our oil fields!

    Oct 12th, 2012 - 05:45 pm 0
  • Conqueror

    @1 Sarcasm? I'd like to see the argies try to manufacture a nuclear weapon secretly. Britain and the U.S. more or less managed it. But that was 70 years ago. There isn't even any firm evidence that Israel has nuclear weapons. Just a lot of speculation. Regarding the rest of your post, I'm afraid it's all too believable. Argieland lacks maturity.

    Oct 12th, 2012 - 06:10 pm 0
  • Islas Malvinas

    Matthew Lee, director of the Trade and Culture Office of the Republic of China believes Argentina soon will be among the 10 most rich nations of the World.

    By the way he said he´s interested in keep on visiting the different regions of Argentina, including Islas Malvinas and Antártida.
    Nice guy this Matthew Lee.

    http://www.infobae.com/notas/675447-Taiwan-augura-una-Argentina-entre-las-10-mas-grandes-del-mundo.html

    Oct 12th, 2012 - 06:56 pm 0
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