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.

Sorry I'm a dumbo, but the Evening Standard
had this on Friday.

Standard .co.uk
Business.
Search Rockhopper.
Has entered into preliminary talks with
with various parties for further funding
for what it considers is going to be needed
in the future.

Could be holding the share price down?

market concerned about development costs and further sp dilution.

Falklands oil explorer Rockhopper Exploration has brought out its profit and loss figures but Matrix says the numbers are largely irrelevant, with the cash balance the most vital thing on which to focus.

"We think our estimate for cash at end June of $230m looks about right (there was $271m as of 31 May). By our estimate, even at full tilt, that should last until sometime in Q1 [first quarter] 2012, more than enough to complete the currently anticipated remaining four-well programme (there are three commitment wells, and we expect the company to exercise one further option)," Matrix analyst Charlie Sharp said.

Matrix rates the shares a "buy" and has a price target of 400p, well above the current level of around 265p.

"We expect the next appraisal on Sea Lion, well 14/10-6, to spud in the next week or so. That will be a critical well to pin down the likely scale of the potential development, as it sits in the so far uncharted 'mid-case' area. We would expect the well to take 30-35 days to drill," the broker said.

Merchant Securities also downplayed Rockhopper's results but added that "owners of the company can use the preliminary results to take stock of behind the scenes activities that, while not as exciting as well results, set the stage for a development project in comparison to the current exploration and appraisal stage of the Sea Lion project."

In particular, the company is advancing screening concepts for the offshore development of its Sea Lion project, the broker noted.

"Additionally a full time development manager was brought into the company. Also, Rockhopper has already initiated discussions with banks to assess the financing of the offshore development project," Merchant Securities analyst Brendan Long said.

"As no final go-ahead decision has been made on the project, owners can take comfort that preliminary preparations are underway to move it into a development project," Long said.
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http://www.dailymail.co.uk/news/article-2010622/The-squidionaires-Baa-rain--seafood-oil-tourism-penguins-Falklands-rich.html

Does this poster from the daily mail have a valid point ?


Perhaps the islands can now pay for themselves. Britain subsidises the islands to the tune of hundreds of millions of pounds a year AND threw the lives of hundreds of young men away to defend it. Now everyone is entitled for their view about that war but it makes me FURIOUS to see these people lording it over us now. Why is it fair that they only pay 21% tax? Why are they so much wealthier than people in Britain? What contribution are they making to the defence of the Falklands or the UK? Why aren't we billing them?

think i'ld rather pay the 50% tax than live in Penguinland! ..... wouldn't even fancy living in Gnomeland, and that's even lower tax and more civilised even if totally sterile

cynic

Were would you live ?

Where is Gnomeland-Guildford?

if you were older [ over 60 ] you would remember The Gnomes of Zurich.

Cynic

Was it Harold Wilson who called them that ?

Switzerland (Gnomes of Zurich) ..... if i lived abroad, i suppose France, but fom a tax point of view, it is probably no better than UK ..... if tax-free, then I suppose Channel Islands as one can escape elsewhere very easily

How about the Isle of Man?

not for me

Aldwick - yep - Harold it was.

From a cost of living point of view the channel islands and the isle of Man are to expensive. It must be cheaper to buy a house in most part's of the uk then those two islands.

Fox Davies buy note just out

http://www.fox-davies.com/media/412543/fdcrockhopperjul42011.pdf

Does anybody have a "ballpark" cost number for bringing Sea Lion to production?

Rockhopper's Sea Lion momentum
Created: 4 July 2011 Written by: Mark Robinson

http://www.investorschronicle.co.uk/Companies/ByEvent/Results/Analysis/article/20110704/4705b268-a3e0-11e0-9236-00144f2af8e8/Rockhoppers-Sea-Lion-momentum.jsp

Rockhopper Exploration, one of five UK companies looking to kick-start the Falklands Islands' oil and gas industry, has engaged in an unparalleled level of activity at its Sea Lion field over the past year, and is rapidly reaching the point at which it will be able to produce a definitive commercial appraisal of the prospect.

In the past 12 months, Rockhopper has achieved positive results on its first two appraisal wells; one of which displayed commercially viable flow rates, according to management. Drilling is due to commence shortly at the next well in the programme, located to the west of the discovery, which, if successful, promises to increase Rockhopper's low-end recoverable estimate of 155m barrels of oil.

The Aim-traded explorer's understanding of the geology of the Sea Lion field will also be enhanced by imminent interpretation of the data from its recently acquired 3D seismic programme.
Rockhopper has already undertaken measures to assess the various engineering and logistical challenges it will encounter when commercialising the Sea Lion field, which, along with the aforementioned appraisal programme, will form the basis of the field development plan that will be submitted to the Falkland Islands government by April 2013.

ROCKHOPPER EXPLORATION (RKH)
ORD PRICE: 264p MARKET VALUE: 682m
TOUCH: 264-265p 12-MONTH HIGH: 549p LOW: 202p
DIVIDEND YIELD: nil PE RATIO: na
NET ASSET VALUE: 150 NET DEBT: $269m
Year to 31 Mar Turnover ($m) Pre-tax profit ($m) Earnings per share () Dividend per share (p)
2007 nil -1.41 -1.97 nil
2008 nil -1.47 -1.95 nil
2009 nil -5.14 -6.45 nil
2010 nil -7.70 -6.65 nil
2011 nil -87.19 -40.58 nil
% change - - - -
1=$1.60
Guide to the terms used in IC results tables.
More analysis of company results
IC VIEW:
GoodValue
While Rockhopper has sufficient cash to complete the appraisal programme, the move towards full commercialisation will necessitate further fund-raising. Nevertheless, these latest returns indicate that the Sea Lion prospect is moving steadily towards fruition. Good value.
--------------------------------------------------------------------------------

marky thanks but it doesn't answer the question.

http://www.pennenergy.com/index/petroleum/display/5743626074/articles/offshore/field-development/latin-america0/2011/july/sea-lion_production.html

Sea Lion production concepts under review
Offshore staff

SALISBURY, UK Rockhopper is looking at some form of floating platform as the likeliest option to produce its Sea Lion oil and gas discovery offshore the Falkland Islands. But the company wants to complete delineation of the field before progressing to the front-end engineering and design (FEED) stage.


Chairman Dr Pierre Jungels says the first two appraisal wells, following last years discovery, both flow tested at commercial rates. The next well, 14/10-6, will be west of the discovery and, if successful, should bolster the low case scenario of 155 MMbbl recoverable.


As drilling progresses, each result influences the number and location of subsequent wells, but Rockhoppers understanding of the field is improving and will be incorporated into static and dynamic reservoir models required for an updated competent persons report and a development plan.


The company has appointed a full-time development manager who already has studied the logistical and engineering factors for an offshore development in this remote area.


CEO Sam Moody says the most likely scenario will involve an FPSO or TLP with a floating storage unit (FSU), although all options are still being considered. Once concept selection work and drilling are completed, the company will define the FEED and prepare the field development plan, which must be submitted to the Falkland Island government by April 2013 (three years from the spud date of the discovery well).


Engels adds that although Rockhopper has the funds to complete the Sea Lion field appraisal program, moving to development would require financing on a larger scale, via industry participants, reserve based lenders, and the equity market. This is a new basin, he points out, and therefore expects the process to take longer than in a mature region.


Rockhopper also has participated in two recent seismic acquisition campaigns covering 4,261 sq km (1,645 sq mi) of the North Falkland basin, co-financed by Argos Resources and Desire Petroleum, and employing Polarcus Asima and Nadia acquisition vessels.


Around 1,266 sq km (489 sq mi) was over Rockhoppers operated acreage and 1,455 sq km (562 sq mi) over its farm-in acreage. Of main interest are the data compiled within license PL032 over the southern extension of the Sea Lion discovery.Processing has been fasttracked so that the data can be ready for interpretation this summer.


The remaining fully processed data should be available for interpretation by the end of September, and will shed new light over the northern extension of the Johnson contingent gas resource.

marky can we assume from the above that if funds are raised to develop Sea Lion production would not start before 2015?