OilVoice - Rockhopper Exploration Announces Interim Results

Rockhopper Exploration Announces Interim Results

Tuesday, November 18, 2008

AIM listed Rockhopper Exploration plc, the North Falkland Basin oil and gas exploration company, today announces its interim results for the six months ended 30 September 2008.

Estimated Prospective Resources Update:
• Increased estimates from 1.2 billion barrels recoverable on an unrisked basis to 1.8 billion barrels recoverable in licences PL032 and PL033
• Overall potential increased to 4.3 billion barrels recoverable oil plus multi Tcf Gas

Operational highlights:
• Seismic anomaly over the Sea Lion Fan strongly suggestive of oil within the system
• Benthic sampling completed over licences PL023 and PL024
• Work on Shell well 14/5-1A confirms significant gas shows
• New low risk gas prospect identified with proven gas with potential to contain multi-Tcf reserves
• Farm out discussions continue
• Signs of easing in rig rates and availability

Financial highlights:
• Placing of new shares in May 2008 raised £3.6m
• Total cash and deposit balances at period end of £4.8m

Commenting on the period under review, Executive Chairman, Dr. Pierre Jungels said:
“We now have in our portfolio prospects with total estimated unrisked recoverable prospective resources of 4.3 billion barrels of oil and multi Tcf of gas which, subject to rig availability, financing and all relevant consents, are ready to drill. We have met with a number of companies as part of our ongoing farm-out programme and we continue to keep all options open with regard to funding our drilling commitments. We are currently in discussion with a number of rig contractors regarding securing a suitable drilling vessel and from these discussions have noted an easing in both rates and availability of drilling units in recent months.”

Review all our latest Alternative Investment Market news and associated company profiles.