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.

let's hope they don't piss on their chips then

A pretty dismal response from the sp, compared to the euphoria which accompanied the DES spudding!

now i wonder why!

I think it is mainly due to the mention of 34 days, as there have been several posters on other sites stating about 2 to 3 weeks.

Its all about fear.

Fear and greed.

Last time was greed. This time is fear.

Last time was overvalued, this time its cheap at the present price.

Thats how markets work, fear and greed :)

You hit oil or gas in commercial amounts ; the stock doubles, you don't, it halves !.

Not really, at this stage if you hit commercial oil it will quadruple and more in time, if it does not it will halve.

The percentage can vary...there are so many wells to be drilled out there that somebody must hit something sooner or later...

sp is very much following the same pattern as DES's, with sales order book much heavier than buys ..... i accept that today may have brought about some forced selling, but ......

From todays DES results :

http://www.investegate.co.uk/Article.aspx?id=201004200700094297K

".....However, notwithstanding the potential positives we see from our own geophysical work and from Senergy (GB) Ltd's independent report in to our prospects, only by drilling wells will we truly be able to unlock the potential of the North Falkland Basin. Our first well, the Liz 14/19-1well was spudded on 22nd February 2010 with a target depth of 3,500 metres. After drilling to a depth of 3,667 metres the well was plugged and abandoned as a gas discovery, with 17 metres of net hydrocarbon pay between 2961 and 3031 metres within a zone of over-pressured, predominantly sandstone, reservoir. In addition dry gas was recovered from a deeper interval below 3,400 metres, good oil shows were encountered in the Liz fan and oil shows were encountered in the Beth fan. In each case though, reservoir quality was poor, and further detailed work will be undertaken to assess the results. A more detailed appraisal of the Liz well results will be included in the Annual Report and Accounts.

The Liz well proved to be complex yet it was highly encouraging. Hydrocarbons have been found in at least two separate intervals, the geological model for the basin has been confirmed and at least two petroleum systems have been found to be present, with hydrocarbon shows recorded over a wide interval. It was the first well to be drilled in a multi-well campaign by Desire and, after more detailed technical work has been carried out, Desire will decide which play type is to be drilled next. The Ocean Guardian is now subcontracted to Rockhopper Exploration and BHP for three wells and Desire expects to resume drilling sometime in the third quarter of 2010."

http://www.edisoninvestmentresearch.co.uk/research


All eyes now move to Rockhopper in the Falkland drilling campaign.

The Ocean
Guardian rig spudded the Sea Lion 14/10-B Exploration well last Friday. For the next
30 days, Rockhopper takes over the newsflow cycle in the Falklands. Sea Lion is
thought to have a higher chance of success than Liz and is around 10km away from
the only well from the 1998 campaign that had live oil shows. It is one of two key
targets Rockhopper has identified with 170mmbls best estimate prospective
resource. The other target, Ernest, will be the fourth well to be drilled and in between
Ocean Guardian will drill BHP/FOGLs Toroa prospect.
What we learnt from Liz: A working hydrocarbon system
Ocean Guardians first drilling slot in the Falklands ended in disappointment with
Desire plugging and abandoning the Liz well. This well showed that there is a working
hydrocarbon system over two intervals with oil and gas, with evidence of seals and
more sandstones than originally thought. However, poor reservoir quality ultimately
led to it being abandoned.

Sea Lion a more attractive prospect
While it is tempting to draw the inevitable closeology conclusion, Sea Lion has to be
treated as a different prospect to Liz. Sea Lion is physically the other side of the
North Falklands basin and is a shallower prospect, leading to the possibility that a
better reservoir will be encountered. It is less than 10km away from Shells 14/10-1
well, which was the only well from the 1998 drilling campaign that flowed live oil (27o
API). Based on the modern 3D seismic data Rockhopper collected over the target, it
believes Sea Lion is more prospective than 14/10-1. The CPR also suggested it is
less risky than Liz (23% chance of success versus 17%) and, unlike Liz, the 3D
seismic data shows AVO anomalies indicative of hydrocarbons.

Valuation: Volatility ahead, one way or the other
Sea Lion contributes 86p of our EMV-based value of 140p. A successful appraisal of
Sea Lion could potentially transform its value in our calculations, but over the next
month, we are expecting to see significant share price volatility that is normally
associated with any drilling campaign.

this sounds considerably less bullish that the initial noises emanating about the first and aborted well ..... i don't like that much, but a few weeks will tell

early days

true, but it must be quite worrying times for you, as i know you have a lot of cash and emotion invested in the region

Cynic when I invested in both companies I new it was never going to be a easy ride and have been through some ups and down and this is just another blip.

This is what I have waited for 12 years and its only the very start of the campaign am still happy sitting here and checking in now and again to see if any positive developments have happened apart from that it head down and back to work.

Would have liked the share price a lot higher than it is today but its early doors and for RKH share price to be as low and the hole nor even fully drilled is laughable.

This is where shell hit live oil last time and capped it without even testing it as the oil price was $10 last time if this one is a duster I will be down in then dumps until them head back to the grind stone.

Can't make my mind up where the support is on the chart. 38p, 35p or 30p. Bearing in mind the sp should pick up around the 12th - 14th May, may be worth buying for a trading bounce sometime next week?

meanwhile, offer book remains longer than bid, albeit not horribly so

Why not just go and test the shell discovery ?....any answers anybody ?.

ask shell.

At the time crude was $10 a barrel.