http://www.falklands-oil.com/

http://www.rockhopperexploration.co.uk

http://www.argosresources.com/




Rockhopper was established in 2004 with a strategy to invest in and undertake an offshore oil exploration programme in the North Falkland Basin. It was floated on AIM in August 2005. Rockhopper was the first company to make a commercial oil discovery in the Falklands. Today Rockhopper is the largest acreage holder in the North Falkland Basin, with interests in the Greater Mediterranean region.

c'mon cynic wakey wakey.,.

go stick your f'ing head back in the sand, or up your arse if your pefer lol

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bit of a yawn, indicates the market (+10/11p)..... it's either right as usual, or it's missed the significance of that rns

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hope so, and i note that sp is currently ticking up ...... give it an hour or two for better indication

sp not very lively at all, bit of a damp squib at mo, was hoping for a nice jump this morning.....will have to settle for cornflakes.,.

14/10-4 Appraisal well - further technical update
Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, is pleased to provide the following technical update on its Sea Lion Discovery after further interpretation of the results of well 14/10-4:

Porosity in 14/10-4 in the range 15%-27%, average 20%

Net to gross within the pay zone of 88%

Dual packer modular formation dynamic tester (MDT) results indicated well had the potential to flow at 2,700 bbls per day, compared to c.2,000 bbls per day seen in 14/10-2

Management interprets new low case area of 22km2 with stock tank oil initially in place (STOIIP) of 516 mmbbls giving 155 mmbbls recoverable at 30% recovery factor

New seismic depth conversion confirms upper fan full to spill, oil water contact within the upper fan package at 2,477m true vertical depth subsea (TVDSS)

Analysis of MDT results and logging indicates 14/10-2 and 14/10-4 are in communication.

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The latest rns says : that this is commercial, if you read between the lines !, hence the surge.

surge is something of an exaggeration! ..... still, in many ways i prefer to see a steady improvement, as rocket/stick are then less likely

UPDATE 1-Rockhopper raises Sea Lion low case estimate
Rockhopper Exploration Plc

* Says low case estimate of Sea Lion oil is 155 mln barrels (Adds detail, analyst comment)

LONDON, April 4 (Reuters) - British explorer Rockhopper (RKH.L) raised its low case estimate of oil reserves at its Sea Lion discovery in the Falkland Islands, boosting hopes that the remote territory will become a new oil province.

Rockhopper said on Monday at its lowest estimate it believes there are 155 million barrels of recoverable oil in place at Sea Lion and added that the latest appraisal well, 14/10-4, was in connection with its Sea Lion well.

In June, the company gave a low case estimate of 57 million barrels of recoverable oil for its Sea Lion discovery.
The company said in March it expected oil it had found in the Falklands to be commercially viable after an appraisal well it called 14/10-4 found more oil.

"This update should allay concerns over resource estimates of the field which has seen the shares fall away since the 14/10-4 well result was disclosed," said Oriel Securities analyst Richard Rose.

The Sea Lion well is the first oil find in the British-governed Falkland Islands.

The drilling has sparked protests from Argentina, which claims sovereignty over the Islands it calls the Malvinas and which lie 300 miles from its shore.

Shares in Rockhopper closed at 238 pence on Friday, valuing the company at 614.4 million pounds ($984.1 million).

So the lowest estimate is 155 million barrels which works out on those figures about 3.80p a share so we still have a lot of catching up here.

wants a kick up the jacksie.,.

A kick up the barrel might be more appropriate BB!

http://ftalphaville.ft.com/marketslive/?inprogress=1

On to the small caps then
and some more good news
from the Falklands

Rockhopper Exploration Plc (RKH:LSE): Last: 255.25, up 17.25 (+7.25%), High: 266.25, Low: 245.25, Volume: 6.44m

the Rock
has revised upwards is P90 estimate I think
p90 reserves now of 155m barrels
that's based on a recovery factor of 30%
says the sector watcher
all very good news
and further evidence that they really do have a commercial well
in Sea Lion


A technical update from RKH, which looks pretty positive. The group says that based on the most recent Sea Lion well (14-10/4) it is raising its low case estimates of Oil In Place to 516m barrels - Ryder Scott currently carries 382m barrels on a P90 basis. RKH says that assuming a 30% recovery factor, this indicates recoverable reserves of 155m barrels. Previously the group was carrying 57m barrels on a P90 basis, although this was based on a recovery factor of only 15%.

The group also says that the result of an MDT flow-test indicated the well had the potential to flow at 2,700 b/d, compared to 2,000 b/d in 14/10-2. Not sure today's news really fundamentally changes anything, it's more a case of RKH becoming more comfortable with the commercial case for Sea Lion. Following the current Desire-operated Ninky-1 well, the rig will return to RKH to drill the next three appraisal wells on Sea Lion, and this should really tie down reserves estimates. Our NAV on RKH is 593p/share compared to a Friday close of 238p/share - ship them in.

and a bit more from
Canaccord

Although the Sea Lion discovery offshore the Falkland Islands requires further appraisal, the latest press release from Rockhopper increases our confidence that it will prove to be commercial. In its low case, the companys updated estimate of the oil in-place at the field is 35% ahead of the last published assessment by independent consultants RPS Energy. Of course, the recovery factor assumed by RPS in its low case in mid-2010 was only half that alluded to by Rockhopper today. However, we note it also used 30% in its best estimate and as much as 40% in its high case.

Key features

In its low case, Rockhopper now believes Sea Lion covers an area of 22km and contains oil in-place of 516 mmbbl. It points out that this would translate into contingent resources of 155 mmbbl if a recovery factor of 30% is assumed.

Valuation
If it contains reserves of 170 mmbbl, we estimate the Sea Lion oil field is worth equivalent of 515p per Rockhopper share when allied to an oil price of US$87.50/barrel flat real and a 12% discount rate. Adding an estimated 78p/share of net cash increases the total to 593p which is our target. We reiterate our BUY rating.

marky does the valuation take into account the cost of extracting the oil?

Hi Hal, not sure if you meant Canacords value or my value which is a lot lower as all i have done is priced the oil in the ground at a low price of 4 a barrel the figures all change if it 5 or 6 barrel IN A BIG WAY.

i assume you mean $ and not

marky meant Canacords valuation, presumably any bidder would have to take into account the massive cost of building the infrastrucure required to facilitate oil extraction.

Cynic Oil has just hit 120 dollars a barrel so me using 4 barrel is putting a price of $ 6 a barrel in the ground roughly cheap as chips


Hal am not sure as the infrastructure will be expensive but they have put the minimum size of the field has to be 40 million barrels for it to be profitable, so really that statement today saying they have a min of 155 mill barrels takes us a step closer till they a producing.

Maybe they might get a partner or sell out of that prospect for a lot of money,its a huge area down there and early days like the Nort sea.

They also said they would use FPSO