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Good luck Proselenes.....and I need it to.....just bought some more.....1.5 miles away from original strike.....they will encounter hydrocarbons.....it's a risk but this could go over 5 on a strike......

Recent Canaccord update from Tuesday :

Rockhopper, Nautical - RKH L, NPE LN

It felt almost like complete capitulation at points yesterday, with a number of the E&Ps getting brutally marked down once again. I'd highlight two stocks today that have been treated particularly harshly in my view, and represent very attractive buying opportunities, especially in the context of current oil prices.......

. ........The next stock which has been hammered recently is RKH, down 40% to 232p/share in the past six weeks. Again this looks like a complete over-reaction to one bad drilling result, in RKH's case the aggressive 14/10-3 high-risk appraisal well announced two weeks ago. Our risked NAV remains unchanged at 630p/share assuming $85/barrel, i.e. almost three times the current level. Success with the well currently drilling, 14/10-4, should underpin the P50 reserves of 170m barrels, with success in the deeper targets potentially proving up 242m barrels.........

A good post from Stu over at III, the basics of which are :



The drill bit is down and turning.

The Northern Lobe cores are sitting under a microscope in the lab.

The new seismic data is being crunched and mapped onto the Southern Lobe.

The details are tidied up on the new rig contract.

The 200m+ in the bank accrues interest.

The application for the Q25 license progresses through the FIG.

The oil price smashes through new two year highs.



And the panic stricken chose this moment to sell. WHY?

In up to my neck with this......ohhhhh !...for a little oil strike...just a teeny weeeny little oil strike......300 million teeny weeny barrels would do.......please.....

The whole market is reeling because of Gaddafi. UN should just send a force in and get rid of him.

Not so good overall...high oil prices and the oilie producers are :...some of them dropping....

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KEEP an EYE

241p +5.50p

Breaking from the 240p that has been a resistance for the last few days, yesterday 5 times reached there and back down

still sinking where is the bottom?

1,640 fathoms?

"full fathom five"

:o)

Some Tempest there will be if no significant oil is found this time.

could we estimate that in sd, perhaps if it becomes apparent that sealion is not a commercial find then like DES we are heading for 30p.

I think that is a fair estimate halifax. Who can tell at this stage in reality? The oil that RKH found might just be a small 'puddle' in comparison to what it is hoped to be. I hope I am wrong but it could be that there is very little oil in the Falklands. If so then yes, 30p is feasible. :o(

Yes, and likewise the oil they have found might be real, and the last drill which found 7.3M of oil pay 8Km away and in communication with the original discovery might prove to mean Sea Lion contains 500 MMBO of recoverable oil and the price will be over 10 by the end of the this year.

Perhaps their over 200m in the bank might be real as well.

Perhaps finding oil in the cores of the S2 fan means a drill updip will find another 200 MMBO recoverable in the new S2 fan, which is deeper and older and that original S1 Sea Lion Main fan.

Perhaps..... well, perhaps we should all wait for drilling results - cause that is the only thing that matters.

Perhaps you're right! ;o)

If they don't find oil in this new fan does this mean that the first discovery is still viable ?.....hope I understand this correctly.....this is part exploration...part appraisal.....so we could just confirm what we have, plus there could be a big bonus.....so perhaps with cash in hand the sp would stand up even if the deeper drill does not work out.

I still don't fully understand what downdip and updip means.....sorry...

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