24th Oct 2005 07:00
Rockhopper Exploration plc24 October 2005 PRESS RELEASE For immediate release: 24 October 2005 Rockhopper Exploration plc Seismic Contract and Update 2D seismic - new data collection programme and update on interpretation ofexisting data Rockhopper Exploration plc (Rockhopper) is pleased to announce it has enteredinto a contract with Geophysical Service Incorporated (GSI) to perform a 2Dseismic survey over licences PL023 & PL024 in the North Falkland Basin whichshould be completed by the end of Q1 2006. The survey will consist ofapproximately 900 km of acquisition. Licences PL023 and PL024 extend over an area of 4200 km2 in water depths ofbetween 120m and 200m. Rockhopper has now completed an interpretation of theexisting 1832 km of 2D seismic data covering the licenced areas and the resultsconfirm the presence of a number of prospects and some 17 leads. The J1 prospect is a robust 4 way closure, with potential oil-in-place of over300 million barrels as assessed by Scott Pickford Limited. The J Central and JNorth prospects have the potential to contain 90 and 30 million bblsrespectively in place based on the company's own estimates. The leads range insize individually from 70 million bbls potentially in place to over 850 millionbbls potentially in place based on the company's own estimates. The new survey is intended to better define the J1 prospect in licence PL024 aswell as a number of other leads and prospects in PL023 and PL024 which are havebeen identified on the existing 2D data. Rockhopper's other 100% licences, PL032 & PL033, are covered by approximately1540 km of 2D and 368 km2 of 3D seismic data. Licences PL032 and PL033, which lie in 350m to 500m of water contain a number ofprospects and leads which have been mapped at various levels. Most of theseprospects are downfaulted closures against the main fault at various levels onthe eastern basin margin. These range in size from 290 million barrels to 620million barrels potentially in place according to the company's own estimates.In addition to the downfaulted closures, two large "pinch-out" prospects havebeen mapped, one with over 150 million bbls potentially in place, the other withover 1.5 billion bbls potentially in place based on the company's own estimates.Further 3D seismic is required to develop the acreage for potential drilling.Funding is in place for this new 3D and a programme has already been designed. Contact: Rockhopper Exploration plcSam Moody - Managing Director 01722 414 419 Aquila Financial Ltd [email protected] Reilly 020 7849 3319Yvonne Fraser 020 7849 3326 www.rockhopperexploration.co.uk Notes to editors:The Rockhopper Group started trading in February 2004 to invest in and carry outan offshore oil exploration programme to the north of the Falkland Islands. TheGroup, who floated on AIM in August 2005, is currently the largest licenceholder in the North Falkland Basin and owns a 100 per cent. interest in fouroffshore production licences which cover approximately 5,800 sq. km. Theselicences have been granted by the Falkland Islands government. In total, the Board and its Consultant, the Falklands expert David Bodecott,have over 120 years experience in the oil industry, with specific expertise inthe field of exploration and in the region itself. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Rockhopper