5th Jul 2018 12:03
LONDON (Alliance News) - Oil and gas company Rockhopper Exploration PLC said on Thursday it has appointed Standard Chartered Bank and Pathfinder Bank for senior debt project financing for the phase one development of the Sea Lion project, offshore Falklands.
In addition, on the Abu Sennan in Egypt, the development well Al Jahraa-6 is expected to spud this week, and is targeting the producing AR-C reservoir and the deeper Bahariya formation sands which are productive in adjacent licences.
The well is expected to take 60 days to drill and will be followed instantly by a second well in the field.
In the El Qa'a Plain, also in Egypt, the exploration commitment well Raya-1X in the concession reached its total depth last Saturday, with wireline logging confirming the presence of good porosity sands, even though no hydrocarbons were encountered.
"We are delighted to announce the appointment of Standard Chartered as Pathfinder Bank. This appointment marks another step for the Sea Lion project as we work towards securing the necessary funding to allow project sanction. Standard Chartered is a leader in the field of Energy project financing and has played a significant role in a number of bank and export credit agency led financings in recent years," said Chief Executive Sam Moody.
"We also welcome the commencement of the Abu Sennan drilling campaign which comprises two development wells, an exploration well at Prospect S as well as the initiation of a water flood programme at Al Jahraa. Whilst the result of the Raya-1X commitment well is disappointing, the targeted play was always considered high risk and the financial exposure to Rockhopper limited to less than USD1 million," Moody added.
Shares in Rockhopper Exploration were down 0.4% at 40.19 pence on Thursday.
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