Rockhopper Exploration spuds eighth Sea Lion well in Falklands8:31 am by Jamie Ashcroft
http://www.proactiveinvestors.co.uk/companies/news/34812/rockhopper-exploration-spuds-eighth-sea-lion-well-in-falklands-34812.html
Rockhopper expects that drilling operations will be completed in around 33 days time.
Falklands oil explorer Rockhopper Exploration (LON:RKH) has spudded its latest well to test the Sea Lion discovery.
The spudding follows the dramatic evacuation of the Ocean Guardian rig last week, after a loss of power while moving the rig to the current well location. Non-essential staff were airlifted to Port Stanley as a result of the incident.
The 14/10-9 well is being drilled nearly 6 kilometres away from the initial discovery well. This well, which will be the eighth well on the Sea Lion, is located on the groups wholly owned Licence PL032.
The well will investigate reservoir presence and hydrocarbon charge within the Sea Lion Main Complex towards the southern edge of Rockhoppers acreage, the company said.
Additionally it is also an exploration well on the Eastern side of the Casper prospect.
Rockhopper expects that drilling operations will be completed in around 33 days time.
As is the case with most of Rockhoppers Falkland wells, the outcome of the 14/10-9 well is hotly anticipated.
In a note to clients today Merchant Securities analyst Brendan Long said it was fair to expect that this latest well is oil bearing, based on the updated data that resulted from the last well.
He repeated a buy recommendation and a 428p price target, but emphasised that the upside potential of 14/10-9 has not been factored into this target.