Rockhopper Exploration PLC upgraded its estimates of how much oil it could find off the Falkland Islands, boosting hopes that the remote territory in the South Atlantic could become a new oil province.
Rockhopper Exploration said on Tuesday an oil discovery in Falkland Islands waters extends to the west of the original well, adding to hopes that the oil find is large enough to open up a new province in the remote South Atlantic.
Falklands’ Rockhopper Exploration, the oil and gas explorer, pressed ahead with its hunt for oil in the North Falklands with the drilling of its third appraisal well on the Sea Lion Discovery feature last week.
Rockhopper Exploration plc announced on Thursday a further drilling of four wells offshore the Falkland Islands. The first of them, 14/10-6, will be the third appraisal well on the Sea Lion feature where the discovery of oil at commercial rate has been confirmed.
Rockhopper Exploration is looking at some form of floating platform as the likeliest option to produce its Sea Lion oil and gas discovery offshore the Falkland Islands. But the company wants to complete delineation of the field before progressing to the front-end engineering and design (FEED) stage, reports Offshore.
Rockhopper Exploration, the North Falkland Basin oil and gas exploration company, is pleased to announce results for the twelve months ended 31 March 2011.
Rockhopper Exploration operating in the North Falkland basin has provided an upbeat update on its second appraisal well, 14/10-5, on the Sea Lion discovery which was drilled 600 m north of the 14/10-2 discovery well to a TD of 2,726 m.
Rockhopper Exploration has spudded the next appraisal well on the Sea Lion oil discovery in the Falkland Islands’ waters. Drilling began on the 14/10-5 appraisal well on May first 2011.
Falkland Islands Desire Petroleum reported Monday that it had completed the drilling of its Ninky prospect (2.620 metres) which showed the reservoir quality “is generally poor” and therefore the well will be plugged and abandoned, according to an official report released Monday.
Shares in Falkland Islands Rockhopper Exploration soared 16% on Monday, after it raised its lowest case estimate of crude reserves at its Sea Lion well.