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Rockhopper Exploration (RKH)
markymar
- 15 Aug 2005 15:14
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.
HARRYCAT
- 03 Feb 2016 09:00
- 6259 of 6294
Rockhopper Exploration has, further to its January announcement, been informed by Italy's Ministry of Economic Development that the Production Concession covering the Ombrina Mare Field Area will now not be awarded.
This is despite the Ombrina Mare project having completed all the required technical and environmental authorisations.
This follows re-introduction of a ban on exploration and production activity within 12 nautical miles of the coast of Italy.
Rockhopper retains its interest in the exploration permit covering the Ombrina Mare Field Area. An extension to the suspension of the Ombrina Mare exploration permit was recently granted to 31 December 2016.
The Company is now considering its options which include both a claim for damages and compensation against the Republic of Italy under International Treaties for the protection of foreign investments, and in particular the arbitration process provided for under the Energy Charter Treaty.
None of the Company's other interests in Italy, including the Guendalina gas field, are expected to be impacted by the changes in legislation.
markymar
- 03 Feb 2016 10:29
- 6260 of 6294
Rockhopper Exploration (LON:RKH) has confirmed that law changes in Italy mean that a production concession will not be awarded for the Ombrina Mare field.
It told investors that Ombrina Mare had all necessary technical and environmental authorisations, however, the project won’t go ahead due to the re-introduction of a ban on exploration and production activity within 12 nautical miles of the Italian coast.
The company said it is now considering its options, which could include a claim for damages and compensation from the Republic of Italy under international treaties.
Meanwhile, the company said that none of its other interests in Italy, including the Guendalina gas field, are expected to be impacted by the changes in legislation.
Rockhopper acquired its Italian portfolio in the 2014 takeover of Mediterranean Oil & Gas, which initially cost £29.3mln.
It came as Rockhopper moved to diversify its portfolio, which at that time comprised solely of its Falklands operations.
This new regulatory problem marks another disappointment for the Mediterranean unit. Shortly after the deal completed in 2014, an exploration well offshore Malta was abandoned as it failed to find hydrocarbons.
More recently at Guendalina, in the Northern Adriatic Sea, a side-track well was successfully completed and all targeted reservoirs were seen to be gas bearing.
Guendalina was producing around 440,000 standard cubic metres (scm) of gas per day gross, in late 2015, which amounts to 88,000 scm or 580 barrels oil equivalent per day to Rockhopper. The company expects to generate around US$7mln of revenue from the field in 2016.
In November, Rockhopper announced the start of production from the Civita gas field which is adds about 25,000 scm or 160 barrels of oil equivalent (boe) production per day. Together with Guendalina, Rockhopper expects revenues for 2016 will amount to around US$9mln.
greekman
- 12 Feb 2016 07:14
- 6261 of 6294
The Eirik Raude wants scraping as that just about all its worth, after all who would want to risk hiring this worthless piece of dit after the latest fiasco, especially with a huge number of rigs in dock waiting for customers.
HARRYCAT
- 12 Feb 2016 08:18
- 6262 of 6294
Rockhopper Exploration announces that Premier Oil has served a notice to terminate the rig contract with Ocean Rig UDW with immediate effect.
The notice to terminate follows a number of operational issues with the Eirik Raude rig. As a result, the drilling of the Chatham well - the final well in current campaign - will now be deferred until the Sea Lion pre-development drilling campaign.
The postponement of the Chatham well has no impact on the planning or timetable for the Field Development Plan for the Sea Lion initial phase development.
Bullshare
- 12 Feb 2016 11:09
- 6263 of 6294
Shares Investor Evenings showcase up to four presentations from leading companies bringing them together in one room for one evening only.
Directors present their latest plans regarding development and growthAn opportunity to talk directly to the companies and personally put forward your questionsThe chance to network with other attendees over drinks and canapés - private investors, wealth managers, private client brokers, fund managers and financial institutionsThe evening exposes investors to companies across various sectors. Perfect for existing investors as well as those looking for new investment opportunities.
Thursday 25th February 2016
Venue:Radisson Blu Hotel Edinburgh, 80 High Street, The Royal Mile, Edinburgh, EH11TH
Event Timings:| 17.30 | Registration and coffee | |
| 17.55 | Presentations • Phil Reason, CEO - Instem (INS) • Michael Hunt, CFO - ReNeuron Group (RENE) • Stewart MacDonald, CFO - Rockhopper Exploration (RKH) • Mark Beveridge, FD - Safestay (SSTY) • Philip Houghton, CEO - Safestay (SSTY) • Richard Gray, CEO - Scotgold Resources (SGZ) • Dr. Satu Vainikka, CEO - Valirx (VAL) | |
| 20.45 | Drinks reception and canapés | |
| 21.45 | Close |
 | Instem is a robust and profitable provider of IT applications and technology enabled services to life sciences R&D. Instem helps clients to bring life enhancing products to market faster, with the potential for significant return on their investment. Instem’s solutions are essential to over 400 clients worldwide in areas such as: · Collection, analysis and reporting of complex scientific data· Compliance with regulatory submission requirements, including the FDA-mandated SEND initiative· Improving quality, consistency and efficiency of critical R&D processes and corresponding information reporting· Generating new scientific insights through identification, extraction and analysis of actionable information Instem anticipates continued organic and acquisitive growth in a buoyant life sciences industry. |
 | ReNeuron is a leading, clinical-stage cell therapy development business. Based in the UK, its primary objective is the development of novel cell-based therapies targeting areas of significant unmet or poorly met medical need. ReNeuron has used its unique stem cell technologies to develop cell-based therapies for significant disease conditions where the cells can be readily administered “off-the-shelf” to any eligible patient without the need for additional immunosuppressive drug treatments. The Company’s therapeutic candidates for stroke disability and critical limb ischaemia are in clinical development and its cell-based treatment for blindness-causing diseases of the retina is currently in pre-clinical development. ReNeuron is also advancing a proprietary platform technology to exploit nanoparticles (exosomes) secreted by stem cells as potential new drug candidates targeting indications in tissue repair, fibrosis and cancer. |
 | Rockhopper Exploration plc ("Rockhopper") is an AIM listed oil and gas exploration company based in the UK with interests in the Falkland Islands. It was established in 2004 with a strategy to invest in and undertake an offshore oil exploration programme. It was floated on AIM in August 2005. Rockhopper holds 40% interests in production licences PL032 and PL033 and, on completion of a farm-in announced in October 2013, 24% stakes in blocks PL004a, PL004b, and PL004c. All of these blocks are operated by Premier Oil. In addition, it has a 3% interest block PL003, operated by Falkland Oil and Gas. In August 2014 Rockhopper completed the takeover of Mediterranean Oil & Gas plc ("MOG"). Through the acquisition of MOG, Rockhopper now holds a portfolio of production, development/appraisal and exploration interests in Italy, Malta and France. |
 | Safestay PLC is the owner operator of a branded contemporary “boutique” hostel group. The first Hostel in the Elephant and Castle, London was opened in June 2012.The Safestay Business operates a new brand of contemporary hostel, designed to appeal to a broad range of guests. Known as a “boutique hostel” within the travel industry, it is aimed at providing safe, stylish accommodation which offers a more attractive alternative to both traditional hostels and budget hotel accommodation. |
 | Australian Securities Exchange listed Scotgold Resources Limited (ASX:SGZ) was established in 2007 and listed on the ASX in January 2008. The company’s shares were admitted to trading on the AIM market of the London Stock Exchange (AIM:SGZ) in February 2010. The Company’s principal objective, since 2008, has been the advancement of the Cononish Gold and Silver Project in Scotland’s Grampian Highlands to a production decision and exploration of the highly prospective tenements comprising the Grampian Gold Project with the view of identifying further project opportunities. |
 | Valirx Plc is an oncology-focussed Biopharmaceutical Company, developing treatments and diagnostics. Technologies are selected by using rigorous clinical and commercial processes to address unmet market needs. Clinical lead product is VAL201, a peptide for prostate cancer with follow-on indications in ovarian and breast cancers and endometriosis. Product VAL401, is a small molecule reformulation for lung cancers. The Company’s proprietary technology platform, GeneICE, enables selective silencing of rebellious genes’ inappropriate activity. VAL101, the first GeneICE therapeutic, targets and reduces expression of Bcl-2, implicated in about half of cancers. GeneICE extension to neurology and inflammatory diseases will follow. A novel diagnostic, the Nav3 system, detects pre-cancerous, cancerous and metastatic cells in tissue samples even before a tumour forms; indicating potential malignant formation. |
HARRYCAT
- 13 Apr 2016 08:18
- 6264 of 6294
Rockhopper has booked a FY pretax loss of USD44.7m, which is materially wider than the preceding year's loss of USD7.6m. Revenue improved to USD3.97m, from USD1.91m.
The result included UD22.9m of exploration and evaluation expenses, from USD1.8m.
Chairman Pierre Jungels intends to retire after the company's AGM. He commented on the performance:
"2015 has been transformational for your Company. Through our merger with Falkland Oil & Gas we have consolidated our leading acreage and resource position in the North Falkland Basin.
"Our exploration campaign has achieved significant success with multiple oil discoveries at Zebedee and Isobel Deep.
"The potential of the Isobel-Elaine complex, in a previously underexplored part of the basin, has been materially de-risked and supports management's view that the North Falkland Basin could ultimately deliver a billion barrels of recoverable oil.
"The Sea Lion project has entered FEED - another significant milestone on the path towards project sanction.
"Going forward, we anticipate additional cost reduction opportunities being pursued during FEED to further enhance the economics of the Sea Lion project as we move towards a project sanction decision point in mid-2017.
"Premier Oil has confirmed its intention to seek an additional partner ahead of taking project sanction and Rockhopper will support Premier Oil in this initiative.
"Our Greater Mediterranean business has seen a step-change in production having achieved an exit rate for 2015 of over 700 barrels of oil equivalent per day. We will continue to pursue opportunities which add low-cost, value-accretive production to our portfolio whilst preserving our strong balance sheet."
HARRYCAT
- 18 Apr 2016 08:02
- 6265 of 6294
Rockhopper Exploration plc (AIM: RKH), is pleased to announce amended terms for the acquisition of a portfolio of non-operated production and exploration interests in Egypt (the "Interests") from Beach Energy Limited ("Beach Energy") (the "Acquisition").
The Company originally announced that it had agreed terms with Beach Energy on the Acquisition in August 2015. However, due to the exercise by one of the partners of pre-emption rights on the Abu Sennan concession, as announced in September 2015, it was not possible to complete the Acquisition on the original terms.
The Company believes the amended terms of the Acquisition, announced today, which now exclude any share consideration, represent a material improvement in the prospective value of the transaction for Rockhopper shareholders.
Highlights
· Rockhopper to acquire the entire issued share capital of Beach Petroleum (Egypt) Pty Limited ("Beach Egypt") which on completion will hold:
o 22% interest in the Abu Sennan concession; and
o 25% interest in the El Qa'a Plain concession
· Cash consideration for the Acquisition of approximately US$11.9 million, payable on completion. No share consideration. Beach Energy retains the economic benefit of the EGPC receivable as at 31 December 2015, being approximately US$8.6 million (see Financial Information below)
· In addition, on the date of entering into the amended Acquisition agreement, Rockhopper has agreed the terms of a non-binding letter of intent with Dover Petroleum Corporation ("Dover"), an affiliate of an existing partner in the Abu Sennan concession, for the sale by Rockhopper of a 5% interest in the Abu Sennan concession (the "Proposed Dover Transaction") (see further details below)
· In the event that the Proposed Dover Transaction completes, Rockhopper's interest in the Abu Sennan concession would reduce to 17% and the overall transaction metrics would be as follows:
o Net cash consideration reduced from approximately US$11.9 million to approximately US$9.3 million
o Expected working interest production, net to Rockhopper, of approximately 1,000 boepd (based on average H2 2015 production levels)
o 2P plus 2C reserves and resources, net to Rockhopper, of approximately 3.5 mmboe (management estimate)
o Implied transaction multiple of US$2.7 per barrel of oil equivalent
· Acquisition anticipated to complete in mid 2016 (subject to satisfaction of certain conditions)
· The Acquisition, when combined with existing production in Italy, raises the Company's full-year guidance for 2016 economic production to between 1,500 and 1,800 boepd
Sam Moody, CEO, commented:
"A patient approach to this transaction has paid dividends for Rockhopper and we are delighted to have reached agreement with Beach on the amended terms of the acquisition of Beach Egypt. We believe this deal is a strategically important step, perfectly suited to the current economic environment for the industry, where low cost, cash generative assets are increasingly important.
With the upfront cash consideration payable broadly flat and reducing in the event of the Proposed Dover Transaction, the implied transaction multiple falls to US$2.7 per barrel of oil equivalent.
With low unit cash operating costs at approximately US$8 per barrel in 2015, we expect this portfolio to be net cash flow positive, even in the current oil price environment, and upon completion of the transaction expect operating cash flows from Egypt and our existing Italian assets to broadly cover Group overheads going forward.
The Acquisition also represents the continuation of Rockhopper's strategy to build a full cycle E&P company focused on its two core areas and represents the Company's entry into Egypt, a prolific hydrocarbon province."
Time Traveller
- 29 Apr 2016 09:33
- 6266 of 6294
Can't see any new news to see why the rise.
Anyone know what is going on?
TT
required field - 29 Apr 2016 09:44 - 6267 of 6294
Bullshare
- 22 Jun 2016 14:26
- 6268 of 6294
Shares Investor Evenings showcase up to four presentations from leading companies bringing them together in one room for one evening only.
- Directors present their latest plans regarding development and growth
- An opportunity to talk directly to the companies and personally put forward your questions
- The chance to network with other attendees over drinks and canapés - private investors, wealth managers, fund managers and financial institutions
The evening exposes investors to companies across various sectors. Perfect for existing investors as well as those looking for new investment opportunities.
Thursday 30th June 2016
Venue:Novotel Tower Bridge, London EC3N, 10 Pepys Street, London, EC3N 2NR
Event Timings:| 18.00 | Registration and coffee | |
| 18.30 | Presentations • Stephen Stamp, CFO - Ergomed (ERGO) • Stewart MacDonald, CFO - Rockhopper Exploration (RKH) • Bob Holt OBE, Chairman - Totally (TLY) | |
| 20.30 | Drinks reception and canapés | |
| 21.30 | Close |
 | Founded in 1997, Ergomed plc is a profitable UK-based company, dedicated to the provision of specialised services to the pharmaceutical industry and the development of new drugs. It operates globally in over 40 countries. The company has planned, managed, monitored, and reported clinical trials with a range of technologies that include small molecule drugs, monoclonal antibodies, tri-functional antibodies, soluble receptors and other targeted agents, cancer vaccines and immunotherapy, radioactive agents, and photodynamic therapies. |
| Rockhopper Exploration plc ("Rockhopper") is an AIM listed oil and gas exploration company based in the UK with interests in the Falkland Islands. It was established in 2004 with a strategy to invest in and undertake an offshore oil exploration programme. It was floated on AIM in August 2005. Rockhopper holds 40% interests in production licences PL032 and PL033 and, on completion of a farm-in announced in October 2013, 24% stakes in blocks PL004a, PL004b, and PL004c. All of these blocks are operated by Premier Oil. In addition, it has a 3% interest block PL003, operated by Falkland Oil and Gas. In August 2014 Rockhopper completed the takeover of Mediterranean Oil & Gas plc ("MOG"). Through the acquisition of MOG, Rockhopper now holds a portfolio of production, development/appraisal and exploration interests in Italy, Malta and France. |
 | Totally Plc is an AIM listed company operating in the healthcare sector. The company delivers care solutions that deliver positive health and financial outcomes to the individual and related stakeholders. The company delivers these services directly to the individual or via associated business or public bodies. The company has recently raised new equity capital through the markets and has an impressive shareholder base and has appointed an experienced and successful Chairman to drive forward the strategy and lead a very capable board and senior management team. |
HARRYCAT
- 16 Aug 2016 08:47
- 6269 of 6294
Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to announce that it has completed the acquisition of Beach Petroleum (Egypt) Pty Limited ("Beach Egypt"), announced on 18 April 2016 (the "Acquisition"). Beach Egypt holds a 22% interest in the Abu Sennan concession and a 25% interest in the El Qa'a Plain concession.
Highlights
· Cash consideration for the Acquisition of US$11.9 million based on a cash effective date of 1 January 2016. No share consideration
· Average working interest production of approximately 1,100 barrels of oil equivalent per day (based on the 12 month period to 30 June 2016)
· Recent activity on the Abu Sennan concession includes the successful Al Jahraa SE-1X oil exploration well which intersected 16.4 metres of net pay
o The Al Jahraa SE-1X well has been cased and completed and is expected to be brought onto production imminently following signature of a new development lease
o Initial estimates are that the well would add approximately 2 mmboe to the gross 2P reserves recoverable from the Abu Sennan concession
o In order to complete drilling and fully evaluate the results of the Al Jahraa SE-1X well, an extension of the exploration concession has been granted to November 2016
· In addition, the ASH‐1X ST2 side track oil development well is currently being drilled with the aim of improving productivity from the ASH field
· Rockhopper management resource estimates, prior to the Al Jahraa SE-1X well, were 4.5 mmboe (2P plus 2C), giving an implied transaction multiple of US$2.7 per boe. Incorporating the preliminary 2P reserve estimates for the Al Jahraa SE-1X well would reduce the implied transaction multiple to US$2.4 per boe. Rockhopper will undertake its own reserve evaluation, incorporating the results of the Al Jahraa SE-1X well, following completion
· The Acquisition, when combined with existing production in Italy, should raise the Company's production to between 1,500 and 1,800 boepd during the remainder of 2016
HARRYCAT
- 14 Sep 2016 07:39
- 6270 of 6294
Rockhopper has swung to an impressive $131.3m pretax profit for its first half, from a year-earlier loss of $5.1m.
Chair David McManus commented:
"We continue to make very good progress in advancing the Sea Lion development, taking advantage of the current industry backdrop to reduce costs and the break-even oil price required to sanction.
"The results of the highly successful exploration campaign and the subsequent independent resource audit further supports Rockhopper's view that the North Falkland Basin has the potential to deliver multiple future phases of development and, ultimately, a billion barrels of recoverable oil.
"As a result of the recently concluded acquisition of Beach Egypt, our production for the remainder of 2016 is estimated to be approximately 1,500 boepd, with operating cash flows expected to broadly cover the Group's overheads going forward."
HARRYCAT
- 20 Dec 2016 08:34
- 6271 of 6294
Rockhopper Exploration, the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, has provided a corporate update, the highlights of which are below:
- Economic production* from Egypt and Italy for the year ended 31 December 2016 expected to average approximately 1,350 boepd net to Rockhopper
- Sea Lion continues to progress through the detailed engineering phase of FEED - improved economics with updated Field Development Plan and Environmental Impact Statement submitted to the Falkland Islands Government
- Ombrina Mare arbitration expected to commence in Q1 2017
- Isobel Deep well insurance settlement achieved - expected resulting year-end 2016 cash at upper end of previous guidance.
HARRYCAT
- 10 Jan 2017 10:42
- 6272 of 6294
Both moving up in the last week or so.
greekman
- 10 Jan 2017 13:30
- 6273 of 6294
HARRYCAT
- 07 Feb 2017 09:54
- 6274 of 6294
Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to provide the following operational and corporate update.
Sea Lion Phase 1, North Falkland Basin (RKH 40% working interest)
The front end engineering and design (FEED) process continues to make good progress with the technical engineering phase of FEED approaching conclusion. During 2017, the focus will shift to the commercial, fiscal and financing elements of the project. Engagement with Falkland Islands Government (FIG) on a range of operational, fiscal and regulatory matters is expected to continue through H1 2017.
Rockhopper notes the recent announcement by Premier Oil in relation to its proposed refinancing. Rockhopper believes the completion of Premier's refinancing will significantly enhance the discussions around the financing of the Sea Lion development.
Abu Sennan, Egypt (RKH 22% working interest)
The work programme and budget for the Abu Sennan Concession sees the imminent drilling of both an exploration and a development well close to the Al Jahraa and Al Jahraa SE fields (over which a new development lease was awarded in Q4 2016) during the first half of 2017.
The exploration well, Al Jahraa-SE2, which is due to spud in March 2017, will target the AR-C reservoir in the fault block immediately to the south of the Al Jahraa SE field.
On completion of the exploration well, the rig will move directly to Al Jahraa-9, which is a development well expected to spud in May 2017. This development well targets the AR-C reservoir at a location deeper than the current deepest oil penetration at Al Jahraa-4 (no oil water contact has yet been encountered in the field) thereby aiming to prove additional reserves. The well also seeks to demonstrate the connection between the Al Jahraa and Al Jahraa SE fields through the oil leg. In addition, the operator has proposed two work-over operations during Q2 2017.
The outcome of operations in H1 2017 on the Abu Sennan Concession will determine the activities during the second half of the year.
In addition, the Company notes the recent announcement by Kuwait Energy in relation to the farm-out of a 25% interest in the Abu Sennan Concession. The Company has confirmed to Kuwait Energy that it waives its right of pre-emption in relation to this transaction. Whilst the details of Kuwait Energy's proposed farm-out are confidential they nonetheless re-enforce the attractive terms on which Rockhopper entered the Abu Sennan Concession last year.
Ocean Rig settlement
As set out in the Company's interim results announcement on 14 September 2016, the operators of the 2015/16 North Falkland Basin exploration campaign entered into arbitration with Ocean Rig in relation to the termination of Eirik Raude rig.
The Company can now confirm that a settlement has been reached between the operators and Ocean Rig.
Year-end 2016 cash position and 2017 capital expenditure guidance
As previously disclosed, Rockhopper's year-end 2016 cash balance was approximately $80 million (unaudited). Adjusting the year-end cash position for Rockhopper's contribution to anticipated North Falkland Basin exploration campaign close out costs and the settlement with Ocean Rig, keeps Rockhopper's adjusted year-end cash balance in line with the Company's previous guidance of $60-$65 million. In addition to the year-end cash position, Rockhopper's Egyptian General Petroleum Corporation (EGPC) receivable balance as at 31 December was approximately $4 million.
2017 development, exploration and abandonment spend is expected to be approximately $13 million, of which $8 million relates to pre-development activities on Sea Lion, $3 million to exploration and development activities in Egypt and $2 million to abandonment costs. The abandonment spend principally relates to the decommissioning and removal of the Ombrina Mare tripod - the cost of which Rockhopper will seek to recover through an international arbitration process of which a further update will be provided shortly.
HARRYCAT
- 11 Apr 2017 10:22
- 6275 of 6294
Rockhopper has swung to a FY pretax profit of $98.0m, from a loss of $44.7m, as it delivered on a number of operational, corporate and strategic objectives.
The company's revenue improved to $7.42m, from $3.97m.
CEO David McManus said that, in 2016, Rockhopper delivered on a number of operational, corporate and strategic objectives.
These included completing a highly successful exploration campaign in the Falklands, progressing the company's flag-ship Sea Lion development into FEED, whilst at the same time adding material incremental production in the Greater Mediterranean.
"As the technical engineering phase of the Sea Lion FEED approaches conclusion, focus will shift in 2017 to the commercial, fiscal and financing elements of the project," said McManus.
"With the spot price for Brent crude fluctuating around $55 per barrel in early 2017, and the cost efficiencies realised through the FEED process, the Board is convinced the economics of the Sea Lion project are sufficiently robust to be sanctioned in the current environment, assuming the required capital investment can be secured," he said. "As a result of the acquisition of Beach Egypt, combined with corporate cost savings achieved through the year, operating cash flows are expected to broadly cover the Group's overheads during 2017."
McManus added that directors believed this production and cash flow, when combined with Rockhopper's existing balance sheet, helped secure the long-term sustainability of the company whilst preserving flexibility to further grow its Greater Mediterranean business in 2017.
HARRYCAT
- 26 Apr 2017 09:52
- 6276 of 6294
Rockhopper Exploration announces the start of the 2017 drilling campaign on the Abu Sennan Concession in Egypt.
The company has a 22% working interest in the concession.
Exploration well Al Jahraa SE-2X, situated on the recently awarded Abu Sennan-5 (Al Jahraa South East) Development Lease, was spudded on 25 April 2017 by the Operator Kuwait Energy as part of a two-well drilling campaign.
The well would target the Cretaceous Abu Roash-C reservoir in the fault block immediately to the south of the Al Jahraa South East discovery location where, if successful, it could add over 20 mmbbls of STOIIP to the development lease.
The well was anticipated to take about 40 days to drill and evaluate, and in the success case would be immediately completed as an oil producer.
Following completion of the Al Jahraa SE-2X well, the rig woulds move to the Al Jahraa-9 location to drill a development well, which would target the AR-C reservoir at a location deeper than the current deepest oil penetration at Al Jahraa-4.
"The aim will be to demonstrate the connection between the Al Jahraa and Al Jahraa South East fields through the oil leg," the company said.
HARRYCAT
- 08 Jun 2017 10:52
- 6277 of 6294
Rockhopper Exploration has confirmed the disposal of a portfolio of non-core interests onshore Italy to Northern Petroleum.
It said the deal was structured as the sale of Rockhopper Civita Ltd, a subsidiary company that at completion would hold all of the Petroleum Licences being disposed.
Under the terms, Northern would assume all future abandonment and decommissioning liabilities associated with the Petroleum Licences.
In consideration, Rockhopper would make a cash payment to Northern at completion of $1.6m.
"Following completion of the transaction, which is expected by year end 2017 and is subject to standard regulatory approvals in Italy, Rockhopper's interests in Italy will be focused on the producing Guendalina gas field and the Serra San Bernado exploration permit (which contains the Monte Grosso exploration prospect)," the company said.
"The previously announced international arbitration against the Republic of Italy in relation to the Ombrina Mare project is unaffected by this transaction."
The Petroleum Licences comprised:
- Scanzano Concession (100% interest)
- Monte Verdese Concession (60% interest)
- Torrente Celone Concession (50% interest)
- Aglavizza Concession (100% interest)
- Civita Permit (100% interest)
- San Basile Concession (85% interest).
- 03 Nov 2017 08:06 - 6278 of 6294
Regards;
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