10th Nov 2015 09:56
LONDON (Alliance News) - Rockhopper Exploration PLC Tuesday said its partner at the Guendalina gas field offshore Italy has successfully sidetracked the GU2-Dir A well, which will contribute to the USD7.0 million in revenue Rockhopper is expecting to generate from the field in 2016.
The well was drilled on time and on budget, reaching a total planned depth of 3,726 metres. Italian giant Eni is the operator of the field with an 80% stake with Rockhopper holding the other 20%.
All the target horizons within the Pliocene were gas bearing and Rockhopper said the characteristics of the reservoirs intersected met expectations. Eni also encountered to deeper gas levels that have been perforated as part of the dual string completion.
Total production from the Guendalina gas field is currently stable at 440,000 standard cubic metres of gas per day, of which 88,000 standard cubic metres is net to Rockhopper, which equates to 580 barrels of oil equivalent per day.
That is a substantial rise from Rockhopper's net production of 223 barrels of oil equivalent per day reported back in May.
Rockhopper has estimated that it will generate net revenue from the gas field of around USD7.0 million in 2016 based on current gas prices and exchange rates.
Rockhopper shares were trading flat on Tuesday at 40.50 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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