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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.
markymar
- 06 Dec 2006 11:04
- 75 of 6294
http://www.offshore-mag.com/articles/article_display.cfm?Section=ARTCL&ARTICLE_ID=278126&page=5
The North Falkland basin: a new lease on life
CSEM survey seeks to define accumulations
The British Geological Survey (BGS) estimates that the North Falkland basin may be the second richest source rock in the world with, perhaps, as much as 100 Bbbl of oil, much of which is thought to be still trapped beneath the regional seal. In exploration terms, the Falkland Islands are remote -- lying in the southwest Atlantic Ocean at the nearest point 300 mi from Argentina. Despite the areas reserves potential, only six wells have ever been drilled in the region.
The North Falkland basin comprises two main structural elements: a north-south trending graben, and a set of subsidiary basins to the west and south of the graben which are controlled by a north-south trending extensional fault but constrained by northwest and southeast orientated reactivated Palaeozoic thrust sheets. The main North Falkland graben is about 50 km wide at its northern end and about 30 km wide near its southern margin, which is 36 km north of the Falkland Islands.
As presently mapped, the basin is 230 km long, but may extend further to the northeast. The basin contains a late Jurassic to early Cretaceous lacustrine source rock.
Shell, Amerada Hess, and Lasmo, in a coordinated campaign in 1998, drilled six wells, most of them within 38 km of each other in the northern half of the basin. The campaign proved the existence of at least two working hydrocarbon systems with five of the wells showing the presence of hydrocarbons. One well (14/10-1) actually flowed live oil to the surface from a deep sandstone reservoir at TD of 3,000 m. Another well flowed gas to the surface and also confirmed the existence of a second deeper source rock.
Following that campaign, Ben Hillier of Shell and Phil Richards of the BGS published a paper in which they described the lower cretaceous source rock drilled through in well 14/10-1 as the second richest in the world. In that paper, they estimate that cretaceous source rock could have expelled over 100 Bbbl of oil, much of which could still be trapped beneath the regional seal. The source is very thick at over 1,000 m with only the lower parts mature for hydrocarbon generation. The upper parts form a shale seal across the region. Wells drilled in 1998 targeted post rift prospects which could not be charged by the oil generated and expelled in the lower part of the source rock.
Unfortunately, in 1998, the oil price was heading downwards to $12 per barrel and oil companies were cutting exploration budgets. The North Falkland basin campaign suffered as a consequence. After that period, smaller explorers were the first to return.
UK-based Rockhopper Exploration Plc is one such company. It is the largest license-holder in the North Falkland, basin holding 100% of four offshore production licenses covering over 5,800 sq km. These include PL023 and PL024 located 25 km from the Islands in an undrilled part of the basin in water depths of less than 200 m. Further north, licenses PL032 and PL033 are in water depths of 350-500 m. These were held previously by Shell, who relinquished them in 2001. Two of the wells drilled in the 1998 campaign were on this acreage and both demonstrated the presence of hydrocarbons, one flowing live oil to the surface. Neither well was flow tested by Shell.
Rockhopper Explorations North Falklands basin licensed acreage.
Rockhopper has reinterpreted the existing 2D seismic data and identified a number of prospects along the basin margin, including the Ernest prospect. All of them represent untested plays.
Active in North Falklands
Since raising funds and listing on the Alternative Investment Market of the London Stock Exchange in August 2005, Rockhopper has been taking steps to evaluate its extensive Falklands Island exploration acreage. Within licenses PL023 and PL024, Rockhopper has acquired 920 km of new 2D seismic as well as employing Offshore Hydrocarbon Mapping plc (OHM) to conduct Controlled Source ElectroMagnetic (CSEM) surveys over two specific targets. CSEM results were released in October 2006.
The CSEM survey has provided great clarity over the Ernest prospect and is giving us what we consider to be a very strong hydrocarbon indicator within the 4-way structural closure, says Sam Moody, Rockhopper MD. The second survey has currently redirected our attention from what had been considered an interesting lead but is now less so, to an adjacent encouraging and interesting lead that warrants further examination.
The Ernest prospects co-rendered 2D seismic and CSEM data. The four way closure is identifiable as the blue resistive feature.
According to Rockhopper, the Ernest prospect is a relatively low-risk independent 4-way dip closed structure in 160 m of water only 100 km from the Islands, with an aerial extent of some 2,880 acres. Rockhopper also says it is possible to map a much bigger, somewhat more risky closure around it. This area depends upon closure against a major fault to the east and has an area of over 6,000 acres.
Rockhoppers Ernest structure. CSEM lines 1 and 2 shown with receiver positions marked. The 312-MMbbl prospect is marked with blue dashed lines. The larger closure is outlined in red.
The CSEM surveying technique applied by OHM is used, often in combination with other geophysical remote sensing techniques, to provide meaningful images of the structure of the earth which can be used in the search for hydrocarbons. Rockhopper has changed the nature of exploration in the Islands with its use of CSEM, and now Falklands Oil and Gas is following their lead. The company plans to collect CSEM data later this winter in deepwater to the south and east of the Islands.
On both of the CSEM lines acquired over Ernest, a discreet resistive body has been observed within the bounds of the 4-way closure. That resistor, according to Rockhopper, when combined with the new seismic data, is suggestive of the presence of a hydrocarbon accumulation trapped within the structure that could contain 312 MMbbl of oil with around 100 MMbbl recoverable based on the smaller, 4-way dip closure only.
Following the interpretation of the combined 2D and CSEM data, we have significantly de-risked prospect Ernest, with the main remaining risk being associated with reservoir, said Sam Moody of Rockhopper. The prospect is now ready to drill in terms of its seismic definition.
Rockhopper and OHM scored two firsts during this campaign. This is the first time that CSEM has been applied in the Falkland Islands and the first time that a junior E&P company has used CSEM.
In addition to the CSEM results, Rockhopper says there are many more leads to consider following interpretation of 2D seismic data on licenses PL032 and PL033 where oil has already been proved in well 14/10-1. Rockhopper has embarked on a 685 sq km 3D seismic acquisition program with Compagnie Gale de Gphysique.
In addition to its four wholly owned licenses, Rockhopper signed a 2005 farm-in agreement with Desire, the operator of PL03 and PL04. Desire has sought a suitable drilling rig for some time. However, constantly increasing rig rates, the remote location of the Falkland Islands, and the relatively low number of wells planned in the basin so far (three), have made precluded contracting a rig. This delay in obtaining a rig could actually prove advantageous. Over the next year or so, with Ernest now drill-ready and Rockhopper looking to add more prospects to the drillable category by mid 2007, a coordinated drilling campaign is likely.
Controlled source electromagnetic imaging can reduce deepwater exploration risk
Lucy Macgregor, Ph.D. - Offshore Hydrocarbon Mapping Plc.
As the E&P industry continues its quest to discover untapped reserves, exploration and production companies increasingly turn their attention to relatively under explored acreage and deepwater tracts. With highly-challenging operating conditions in deep water, the complexity of drilling wells and their high costs running into tens of millions of dollars, reducing the risks of drilling prospects as efficiently and cost effectively as possible is vital to commercial success. As a result, upstream oil and gas companies look to new techniques such as Controlled Source Electromagnetic Imaging (CSEM) to improve the chances of drilling success. Offshore Hydrocarbon Mapping has seen use of CSEM grow rapidly over the last two years, with a range of upstream explorers commissioning CSEM.
Seismic surveying historically is the key tool to explore the subsurface for hydrocarbon reserves. In todays competitive climate and with deepwater exploration so challenging and expensive, explorers no longer rely on seismic lines alone to choose drilling locations. Seismic surveying is instrumental in mapping the subsurface and works well in many contexts, particularly to identify structural traps. However, it gives little information about the nature of the fluids within these structures. In contrast, controlled source electromagnetic imaging is able, in many cases, to differentiate between hydrocarbon-bearing and water bearing geological formations.
What is CSEM?
CSEM identifies the difference in resistivity between water-saturated sediments and those containing hydrocarbons. The resistivity in hydrocarbon bearing layers is typically 10 - 100 times greater than that in the surrounding strata. This contrast can be used to detect and delineate structures likely to contain oil and gas.
Preparing CSEM equipment for a survey.
To map the variations in resistivity, CSEM uses electromagnetic signals. A high-powered electromagnetic source is towed through the water close to the seabed. The source transmits a low-frequency signal which is detected by receivers placed on the seabed. Each receiver detects and records the electromagnetic fields at the sea floor at offsets of up to 15 km. The variation of the received signal as the source is towed allows scientists to determine the resistivity of the subsurface geological formations.
Data interpretation requires application of complex algorithms, including forward modelling and inversion techniques, to turn the electromagnetic data into two-dimensional and three-dimensional images of the subsurface. The technique can map complex reservoir structures anywhere from a few meters to several kilometers depth.
Survey planning
The success of the technique not only relies on skillful interpretation of the electromagnetic data, but also on careful planning of the survey. Some geological conditions can prove challenging for the technology. For example formations such as carbonates or volcanics can display the same resistivity as hydrocarbons.
Placing an electromagnetic sensor on the seabed to receive return signals.
Pre-survey modeling is vital as it determines whether the expected response from the structure of interest is likely to be detectable. It also provides a means to determine the optimum placement of the electromagnetic receivers on the seabed. Each survey must be planned taking into account the survey objectives to ensure the optimum dataset is collected. Post-survey, Offshore Hydrocarbon Mapping takes care in the analysis and interpretation to arrive at a geo-electric section or volume, providing intuitive images the client can use in the exploration process.
The technique not only offers exploration companies the opportunity to distinguish between water-filled and hydrocarbon-bearing structures but can also map their location, indicating both presence and distribution. It also can provide valuable information about the level of gas saturation, overcoming a key pitfall of using seismic alone.
Deepwater exploration
With the cost of deepwater drilling, CSEM is particularly to reduce the risk in exploration. CSEM surveys can be undertaken as easily in deepwater as in shallower water. Positioning equipment takes slightly longer in deeper water, but there are no significant operational challenges posed to the technique by deepwater. Offshore Hydrocarbon Mapping has applied the technique effectively for clients over deepwater prospects in a range of geological environments. Multi-client surveys in West Africa and off Norway have been used to determine investments committed by oil and gas exploration companies in bid rounds.
CSEM also can be used in shallow water. Technical challenges posed by airwave (the component of the received signal that has interacted with the atmosphere) interference swamping the response from below the seabed in shallower water had, until recently, limited its application to areas of ocean 300 m deep or more. However, OHM has developed ways of mitigating the airwave effect, enabling the technique to be used in water depth as shallow as 50 m in some areas.
CSEM technology is not new: it has been developed over the last 25 years in the academic sector and has been used extensively by the geophysical community. Researchers have applied the method to examining the properties of fluid in the earth, initially over active hydrothermal and volcanic systems on mid-ocean ridges. Use by oil and gas exploration and production companies has grown steadily over recent years, with Offshore Hydrocarbon Mapping seeing increasing levels of enquiries. This year the companys order book for surveys has reached higher levels than every before, highlighting the rise in the use of the technique by the oil and gas industry.
Although the technique currently is used largely in exploration and appraisal, future applications of the technology include reservoir monitoring and management applications.
About the author
Dr. Lucy Macgregor is chief scientific officer with Offshore Hydrocarbon Mapping Plc, based in Aberdeen, Scotland. She has over 10 years experience as a leading researcher in CSEM and its application to the detection and characterisation of fluids in the earth, and leads the companys research and development group. Macgregor has extensive experience in the development and application of data processing, modeling and inversion technique, and has been responsible for survey design and data interpretation on commercial surveys in a variety of geological environments. Macgregor has a PhD from the University of Cambridge for research in the field of CSEMI and is a visiting fellow of Southampton University.
The North Falkland basin: a new lease on life
CSEM survey seeks to define accumulations
The British Geological Survey (BGS) estimates that the North Falkland basin may be the second richest source rock in the world with, perhaps, as much as 100 Bbbl of oil, much of which is thought to be still trapped beneath the regional seal. In exploration terms, the Falkland Islands are remote -- lying in the southwest Atlantic Ocean at the nearest point 300 mi from Argentina. Despite the areas reserves potential, only six wells have ever been drilled in the region.
The North Falkland basin comprises two main structural elements: a north-south trending graben, and a set of subsidiary basins to the west and south of the graben which are controlled by a north-south trending extensional fault but constrained by northwest and southeast orientated reactivated Palaeozoic thrust sheets. The main North Falkland graben is about 50 km wide at its northern end and about 30 km wide near its southern margin, which is 36 km north of the Falkland Islands.
As presently mapped, the basin is 230 km long, but may extend further to the northeast. The basin contains a late Jurassic to early Cretaceous lacustrine source rock.
Shell, Amerada Hess, and Lasmo, in a coordinated campaign in 1998, drilled six wells, most of them within 38 km of each other in the northern half of the basin. The campaign proved the existence of at least two working hydrocarbon systems with five of the wells showing the presence of hydrocarbons. One well (14/10-1) actually flowed live oil to the surface from a deep sandstone reservoir at TD of 3,000 m. Another well flowed gas to the surface and also confirmed the existence of a second deeper source rock.
Following that campaign, Ben Hillier of Shell and Phil Richards of the BGS published a paper in which they described the lower cretaceous source rock drilled through in well 14/10-1 as the second richest in the world. In that paper, they estimate that cretaceous source rock could have expelled over 100 Bbbl of oil, much of which could still be trapped beneath the regional seal. The source is very thick at over 1,000 m with only the lower parts mature for hydrocarbon generation. The upper parts form a shale seal across the region. Wells drilled in 1998 targeted post rift prospects which could not be charged by the oil generated and expelled in the lower part of the source rock.
Unfortunately, in 1998, the oil price was heading downwards to $12 per barrel and oil companies were cutting exploration budgets. The North Falkland basin campaign suffered as a consequence. After that period, smaller explorers were the first to return.
UK-based Rockhopper Exploration Plc is one such company. It is the largest license-holder in the North Falkland, basin holding 100% of four offshore production licenses covering over 5,800 sq km. These include PL023 and PL024 located 25 km from the Islands in an undrilled part of the basin in water depths of less than 200 m. Further north, licenses PL032 and PL033 are in water depths of 350-500 m. These were held previously by Shell, who relinquished them in 2001. Two of the wells drilled in the 1998 campaign were on this acreage and both demonstrated the presence of hydrocarbons, one flowing live oil to the surface. Neither well was flow tested by Shell.
Rockhopper Explorations North Falklands basin licensed acreage.
Rockhopper has reinterpreted the existing 2D seismic data and identified a number of prospects along the basin margin, including the Ernest prospect. All of them represent untested plays.
Active in North Falklands
Since raising funds and listing on the Alternative Investment Market of the London Stock Exchange in August 2005, Rockhopper has been taking steps to evaluate its extensive Falklands Island exploration acreage. Within licenses PL023 and PL024, Rockhopper has acquired 920 km of new 2D seismic as well as employing Offshore Hydrocarbon Mapping plc (OHM) to conduct Controlled Source ElectroMagnetic (CSEM) surveys over two specific targets. CSEM results were released in October 2006.
The CSEM survey has provided great clarity over the Ernest prospect and is giving us what we consider to be a very strong hydrocarbon indicator within the 4-way structural closure, says Sam Moody, Rockhopper MD. The second survey has currently redirected our attention from what had been considered an interesting lead but is now less so, to an adjacent encouraging and interesting lead that warrants further examination.
The Ernest prospects co-rendered 2D seismic and CSEM data. The four way closure is identifiable as the blue resistive feature.
According to Rockhopper, the Ernest prospect is a relatively low-risk independent 4-way dip closed structure in 160 m of water only 100 km from the Islands, with an aerial extent of some 2,880 acres. Rockhopper also says it is possible to map a much bigger, somewhat more risky closure around it. This area depends upon closure against a major fault to the east and has an area of over 6,000 acres.
Rockhoppers Ernest structure. CSEM lines 1 and 2 shown with receiver positions marked. The 312-MMbbl prospect is marked with blue dashed lines. The larger closure is outlined in red.
The CSEM surveying technique applied by OHM is used, often in combination with other geophysical remote sensing techniques, to provide meaningful images of the structure of the earth which can be used in the search for hydrocarbons. Rockhopper has changed the nature of exploration in the Islands with its use of CSEM, and now Falklands Oil and Gas is following their lead. The company plans to collect CSEM data later this winter in deepwater to the south and east of the Islands.
On both of the CSEM lines acquired over Ernest, a discreet resistive body has been observed within the bounds of the 4-way closure. That resistor, according to Rockhopper, when combined with the new seismic data, is suggestive of the presence of a hydrocarbon accumulation trapped within the structure that could contain 312 MMbbl of oil with around 100 MMbbl recoverable based on the smaller, 4-way dip closure only.
Following the interpretation of the combined 2D and CSEM data, we have significantly de-risked prospect Ernest, with the main remaining risk being associated with reservoir, said Sam Moody of Rockhopper. The prospect is now ready to drill in terms of its seismic definition.
Rockhopper and OHM scored two firsts during this campaign. This is the first time that CSEM has been applied in the Falkland Islands and the first time that a junior E&P company has used CSEM.
In addition to the CSEM results, Rockhopper says there are many more leads to consider following interpretation of 2D seismic data on licenses PL032 and PL033 where oil has already been proved in well 14/10-1. Rockhopper has embarked on a 685 sq km 3D seismic acquisition program with Compagnie Gale de Gphysique.
In addition to its four wholly owned licenses, Rockhopper signed a 2005 farm-in agreement with Desire, the operator of PL03 and PL04. Desire has sought a suitable drilling rig for some time. However, constantly increasing rig rates, the remote location of the Falkland Islands, and the relatively low number of wells planned in the basin so far (three), have made precluded contracting a rig. This delay in obtaining a rig could actually prove advantageous. Over the next year or so, with Ernest now drill-ready and Rockhopper looking to add more prospects to the drillable category by mid 2007, a coordinated drilling campaign is likely.
Controlled source electromagnetic imaging can reduce deepwater exploration risk
Lucy Macgregor, Ph.D. - Offshore Hydrocarbon Mapping Plc.
As the E&P industry continues its quest to discover untapped reserves, exploration and production companies increasingly turn their attention to relatively under explored acreage and deepwater tracts. With highly-challenging operating conditions in deep water, the complexity of drilling wells and their high costs running into tens of millions of dollars, reducing the risks of drilling prospects as efficiently and cost effectively as possible is vital to commercial success. As a result, upstream oil and gas companies look to new techniques such as Controlled Source Electromagnetic Imaging (CSEM) to improve the chances of drilling success. Offshore Hydrocarbon Mapping has seen use of CSEM grow rapidly over the last two years, with a range of upstream explorers commissioning CSEM.
Seismic surveying historically is the key tool to explore the subsurface for hydrocarbon reserves. In todays competitive climate and with deepwater exploration so challenging and expensive, explorers no longer rely on seismic lines alone to choose drilling locations. Seismic surveying is instrumental in mapping the subsurface and works well in many contexts, particularly to identify structural traps. However, it gives little information about the nature of the fluids within these structures. In contrast, controlled source electromagnetic imaging is able, in many cases, to differentiate between hydrocarbon-bearing and water bearing geological formations.
What is CSEM?
CSEM identifies the difference in resistivity between water-saturated sediments and those containing hydrocarbons. The resistivity in hydrocarbon bearing layers is typically 10 - 100 times greater than that in the surrounding strata. This contrast can be used to detect and delineate structures likely to contain oil and gas.
Preparing CSEM equipment for a survey.
To map the variations in resistivity, CSEM uses electromagnetic signals. A high-powered electromagnetic source is towed through the water close to the seabed. The source transmits a low-frequency signal which is detected by receivers placed on the seabed. Each receiver detects and records the electromagnetic fields at the sea floor at offsets of up to 15 km. The variation of the received signal as the source is towed allows scientists to determine the resistivity of the subsurface geological formations.
Data interpretation requires application of complex algorithms, including forward modelling and inversion techniques, to turn the electromagnetic data into two-dimensional and three-dimensional images of the subsurface. The technique can map complex reservoir structures anywhere from a few meters to several kilometers depth.
Survey planning
The success of the technique not only relies on skillful interpretation of the electromagnetic data, but also on careful planning of the survey. Some geological conditions can prove challenging for the technology. For example formations such as carbonates or volcanics can display the same resistivity as hydrocarbons.
Placing an electromagnetic sensor on the seabed to receive return signals.
Pre-survey modeling is vital as it determines whether the expected response from the structure of interest is likely to be detectable. It also provides a means to determine the optimum placement of the electromagnetic receivers on the seabed. Each survey must be planned taking into account the survey objectives to ensure the optimum dataset is collected. Post-survey, Offshore Hydrocarbon Mapping takes care in the analysis and interpretation to arrive at a geo-electric section or volume, providing intuitive images the client can use in the exploration process.
The technique not only offers exploration companies the opportunity to distinguish between water-filled and hydrocarbon-bearing structures but can also map their location, indicating both presence and distribution. It also can provide valuable information about the level of gas saturation, overcoming a key pitfall of using seismic alone.
Deepwater exploration
With the cost of deepwater drilling, CSEM is particularly to reduce the risk in exploration. CSEM surveys can be undertaken as easily in deepwater as in shallower water. Positioning equipment takes slightly longer in deeper water, but there are no significant operational challenges posed to the technique by deepwater. Offshore Hydrocarbon Mapping has applied the technique effectively for clients over deepwater prospects in a range of geological environments. Multi-client surveys in West Africa and off Norway have been used to determine investments committed by oil and gas exploration companies in bid rounds.
CSEM also can be used in shallow water. Technical challenges posed by airwave (the component of the received signal that has interacted with the atmosphere) interference swamping the response from below the seabed in shallower water had, until recently, limited its application to areas of ocean 300 m deep or more. However, OHM has developed ways of mitigating the airwave effect, enabling the technique to be used in water depth as shallow as 50 m in some areas.
CSEM technology is not new: it has been developed over the last 25 years in the academic sector and has been used extensively by the geophysical community. Researchers have applied the method to examining the properties of fluid in the earth, initially over active hydrothermal and volcanic systems on mid-ocean ridges. Use by oil and gas exploration and production companies has grown steadily over recent years, with Offshore Hydrocarbon Mapping seeing increasing levels of enquiries. This year the companys order book for surveys has reached higher levels than every before, highlighting the rise in the use of the technique by the oil and gas industry.
Although the technique currently is used largely in exploration and appraisal, future applications of the technology include reservoir monitoring and management applications.
About the author
Dr. Lucy Macgregor is chief scientific officer with Offshore Hydrocarbon Mapping Plc, based in Aberdeen, Scotland. She has over 10 years experience as a leading researcher in CSEM and its application to the detection and characterisation of fluids in the earth, and leads the companys research and development group. Macgregor has extensive experience in the development and application of data processing, modeling and inversion technique, and has been responsible for survey design and data interpretation on commercial surveys in a variety of geological environments. Macgregor has a PhD from the University of Cambridge for research in the field of CSEMI and is a visiting fellow of Southampton University.
markymar
- 29 Jan 2007 10:51
- 76 of 6294
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/01/28/cxequit28.xml
Live dangerously with Rockhopper
The clutch of Aim-listed oil companies that have popped up in recent years planning to extract crude from the waters off the Falkland Islands have attracted a fair degree of scepticism.
Among the biggest problems have been doubts about the ability of these companies to get their hands on deep-water drilling equipment. But now there are signs that the clutch of independents working in the area will club together to get rigs into the region. That will allow investors to get on to the bigger question is there any oil in those chilly, distant waters?
Rockhopper Exploration (38.25p), chaired by Pierre Jungels, former chief executive of Enterprise Oil, has a 100 per cent interest in four blocks to the north of the islands (pictured). Electromagnetic surveys late last year threw up a drillable prospect named Ernest, which is estimated to hold 100m barrels of recoverable reserves potentially worth 569p a share, according to figures from the house broker.
The market barely reacted to news of the survey, which was published in December. But if Rockhopper can firm up that prospect, the oil majors are likely to be interested in buying a stake. This is a high-risk play, but worth buying speculatively.
Live dangerously with Rockhopper
The clutch of Aim-listed oil companies that have popped up in recent years planning to extract crude from the waters off the Falkland Islands have attracted a fair degree of scepticism.
Among the biggest problems have been doubts about the ability of these companies to get their hands on deep-water drilling equipment. But now there are signs that the clutch of independents working in the area will club together to get rigs into the region. That will allow investors to get on to the bigger question is there any oil in those chilly, distant waters?
Rockhopper Exploration (38.25p), chaired by Pierre Jungels, former chief executive of Enterprise Oil, has a 100 per cent interest in four blocks to the north of the islands (pictured). Electromagnetic surveys late last year threw up a drillable prospect named Ernest, which is estimated to hold 100m barrels of recoverable reserves potentially worth 569p a share, according to figures from the house broker.
The market barely reacted to news of the survey, which was published in December. But if Rockhopper can firm up that prospect, the oil majors are likely to be interested in buying a stake. This is a high-risk play, but worth buying speculatively.
markymar
- 29 Jan 2007 10:53
- 77 of 6294
://www.timesonline.co.uk/newspaper/0,,175-2569375,00.html
Business
The Times January 27, 2007
Bursting oil bubble to force consolidation
Steve Hawkes
Half the groups on AIM vulnerable
Slump after 2004 black gold rush
A wave of consolidation is about to hit AIMs 10 billion oil and gas market as investors fall out of love with the sector.
Nearly 90 exploration and production groups are sitting on the junior market after the black gold rush of two years ago. Industry experts believe that half could disappear over the next 12 to 18 months. Some will run out of cash but most will either be taken out by a predator or merge with a rival.
The falling oil price has seen AIMs index shed 24 per cent or 1.6 billion since May. It soared 116 per cent in 2004, attracting 54 new companies.
Few fund managers are willing to bail out the strugglers after their experiences with fims such as Regal Petroleum, which nearly collapsed when a much lauded blockbuster well in Greece came up dry.
Peter Hitchens, analyst at Teather & Greenwood, said: Two years ago, people were floating anyone. Firms promising to find billions of barrels on the dark side of the moon got support. Now, there are going to be a number of casualties.
Industry insiders say that bankers are working overtime to set up potential deals. Tristone Capital is understood to be working on several transactions: it refused to comment.
Canaccord, 3i, KBC Peel Hunt and Mirabaud are also showing interest. One source said: People keep talking about . . . mopping up a few companies. All it will take is someone to pull the trigger. The rest will follow. Frank Inouye, chief executive of Coastal Energy, said he was weighing up several AIM rivals.
Bowlevens takeover of First Africa this month is seen as typical of the way much of the corporate activity will take place. First Africa gambled its future on a prospect in Gabon, suffered a reserves downgrade and struggled to raise cash. Bow-leven, which wanted assets close to its own in Cameroon, lent the company 12.7 million to keep it out of receivership, then bought the business.
EnCore Oil, led by Alan Booth, the former chief executive of EnCana UK, is another firm loosening its purse strings. Last week it completed a four-way deal to buy Grove Energy, the UK arm of Australia-based Nido Petroleum, Virgo Energy and Virgo Oil & Gas, taking EnCores asset base in the North Sea from six to 30 blocks.
Rivals say that Wham Energy, a North Sea minnow, is vulnerable to the changing sentiment a claim that has annoyed Tom Windle, its chief executive. Whams only North Sea prospect came up dry at the end of 2005 and its share price has halved since last April. Mr Windle hopes to win back shareholders by announcing a string of new prospects and partners shortly.
He could find it difficult. Analysts said that, while there are still a few potential success stories, investors are unlikely to rush back. Tony Alves, analyst at KBC Peel Hunt, said: Two years ago, you could have floated a brick if it had oil on it. Now, the bricks are sinking.
Desperate for deals
Survivors, predators
Afren, Coastal Energy, EnCore Oil, First Calgary, Imperial Energy, Northern Petroleum, ROC Oil, Sterling Energy, Urals Energy
Potential targets
Ascent Resources, Desire Petroleum, Equator Exploration, Faroe Petroleum, Granby Oil & Gas, Meridian Petroleum, Petroneft, Rockhopper, White Nile
Strugglers
Cambrian Oil & Gas, Circle Oil, Forum Energy, Ithaca Energy, Landsdowne Oil & Gas, Medoil, Ramco Energy, Wham Energy, Victoria Oil & Gas
Business
The Times January 27, 2007
Bursting oil bubble to force consolidation
Steve Hawkes
Half the groups on AIM vulnerable
Slump after 2004 black gold rush
A wave of consolidation is about to hit AIMs 10 billion oil and gas market as investors fall out of love with the sector.
Nearly 90 exploration and production groups are sitting on the junior market after the black gold rush of two years ago. Industry experts believe that half could disappear over the next 12 to 18 months. Some will run out of cash but most will either be taken out by a predator or merge with a rival.
The falling oil price has seen AIMs index shed 24 per cent or 1.6 billion since May. It soared 116 per cent in 2004, attracting 54 new companies.
Few fund managers are willing to bail out the strugglers after their experiences with fims such as Regal Petroleum, which nearly collapsed when a much lauded blockbuster well in Greece came up dry.
Peter Hitchens, analyst at Teather & Greenwood, said: Two years ago, people were floating anyone. Firms promising to find billions of barrels on the dark side of the moon got support. Now, there are going to be a number of casualties.
Industry insiders say that bankers are working overtime to set up potential deals. Tristone Capital is understood to be working on several transactions: it refused to comment.
Canaccord, 3i, KBC Peel Hunt and Mirabaud are also showing interest. One source said: People keep talking about . . . mopping up a few companies. All it will take is someone to pull the trigger. The rest will follow. Frank Inouye, chief executive of Coastal Energy, said he was weighing up several AIM rivals.
Bowlevens takeover of First Africa this month is seen as typical of the way much of the corporate activity will take place. First Africa gambled its future on a prospect in Gabon, suffered a reserves downgrade and struggled to raise cash. Bow-leven, which wanted assets close to its own in Cameroon, lent the company 12.7 million to keep it out of receivership, then bought the business.
EnCore Oil, led by Alan Booth, the former chief executive of EnCana UK, is another firm loosening its purse strings. Last week it completed a four-way deal to buy Grove Energy, the UK arm of Australia-based Nido Petroleum, Virgo Energy and Virgo Oil & Gas, taking EnCores asset base in the North Sea from six to 30 blocks.
Rivals say that Wham Energy, a North Sea minnow, is vulnerable to the changing sentiment a claim that has annoyed Tom Windle, its chief executive. Whams only North Sea prospect came up dry at the end of 2005 and its share price has halved since last April. Mr Windle hopes to win back shareholders by announcing a string of new prospects and partners shortly.
He could find it difficult. Analysts said that, while there are still a few potential success stories, investors are unlikely to rush back. Tony Alves, analyst at KBC Peel Hunt, said: Two years ago, you could have floated a brick if it had oil on it. Now, the bricks are sinking.
Desperate for deals
Survivors, predators
Afren, Coastal Energy, EnCore Oil, First Calgary, Imperial Energy, Northern Petroleum, ROC Oil, Sterling Energy, Urals Energy
Potential targets
Ascent Resources, Desire Petroleum, Equator Exploration, Faroe Petroleum, Granby Oil & Gas, Meridian Petroleum, Petroneft, Rockhopper, White Nile
Strugglers
Cambrian Oil & Gas, Circle Oil, Forum Energy, Ithaca Energy, Landsdowne Oil & Gas, Medoil, Ramco Energy, Wham Energy, Victoria Oil & Gas
markymar
- 30 Jan 2007 07:17
- 78 of 6294
30 January 2007
3D survey completed
Keith Williams Retires as Exploration Director
David Bodecott joins the Board
Rockhopper Exploration plc ("Rockhopper" or the "Company") is pleased to confirm
that the acquisition of 685 square kilometres of 3D seismic data in licences
PL032 and PL033 has been completed. Processing and interpretation of the data is
likely to take approximately seven months.
Following completion of this acquisition programme, Keith Williams (aged 60) has
decided to retire from the Board of Rockhopper with immediate effect and will be
succeeded by David Hamilton Bodecott (aged 54) as Exploration Director.
Mr. Bodecott has previously acted as an independent consultant to the Company in
petroleum geology and seismic interpretation and is currently a partner in David
Bodecott Consulting and Cumberland Logos.
Sam Moody, Managing Director commented:
"We would like to thank Keith for his help in the development of Rockhopper
since the early stages of the Company. The last twelve months in particular have
been a busy period of data acquisition and processing, covering 2D, 3D and CSEM
and the Board wish him well for the future.
We are also delighted that Dave is joining the Board at a time when we will
begin focusing more on technical work than on data acquisition. We have been
working with Dave for some time and his considerable experience and specialist
knowledge of the Falklands will help us push forward to the next stage in our
development."
3D survey completed
Keith Williams Retires as Exploration Director
David Bodecott joins the Board
Rockhopper Exploration plc ("Rockhopper" or the "Company") is pleased to confirm
that the acquisition of 685 square kilometres of 3D seismic data in licences
PL032 and PL033 has been completed. Processing and interpretation of the data is
likely to take approximately seven months.
Following completion of this acquisition programme, Keith Williams (aged 60) has
decided to retire from the Board of Rockhopper with immediate effect and will be
succeeded by David Hamilton Bodecott (aged 54) as Exploration Director.
Mr. Bodecott has previously acted as an independent consultant to the Company in
petroleum geology and seismic interpretation and is currently a partner in David
Bodecott Consulting and Cumberland Logos.
Sam Moody, Managing Director commented:
"We would like to thank Keith for his help in the development of Rockhopper
since the early stages of the Company. The last twelve months in particular have
been a busy period of data acquisition and processing, covering 2D, 3D and CSEM
and the Board wish him well for the future.
We are also delighted that Dave is joining the Board at a time when we will
begin focusing more on technical work than on data acquisition. We have been
working with Dave for some time and his considerable experience and specialist
knowledge of the Falklands will help us push forward to the next stage in our
development."
markymar
- 06 Mar 2007 07:51
- 79 of 6294
RNS Number:3721S
Rockhopper Exploration plc
06 March 2007
NOT FOR DISTRIBUTION INTO THE UNITED STATES, CANADA OR AUSTRALIA
6 March 2007
Rockhopper Exploration plc
Placing to raise up to GBP1.32 million
Rockhopper Exploration plc (the "Company") (RKH:AIM) is pleased to announce a
placing (the "Placing") of up to 3,588,700 new ordinary shares (the "Placing
Shares") at a subscription price of 37 pence each (the "Placing Price") by
Teather & Greenwood Limited with institutional and other investors to raise up
to #1,328,000 (before expenses).
The Placing Price represents a discount of approximately 6.33 per cent. to the
closing middle market price of an ordinary share on 5 March 2007, the day
preceding the date of this announcement. The Placing Shares equal, in number,
4.98 per cent of the ordinary shares currently in issue and (assuming full
subscription under the Placing) will represent 4.74 per cent. of the Company's
enlarged issued share capital immediately following the Placing (undiluted)
of 75,663,305 ordinary shares. It is expected that certain directors of the
Company will subscribe for a total of 189,189 Placing Shares under the Placing.
The Placing is not underwritten.
Dr. Pierre Jungels, Executive Chairman of Rockhopper Exploration, said:
"The continuing support of existing shareholders is greatly appreciated and we
are pleased to welcome our new shareholders to the unfolding Rockhopper
Exploration story. The funds raised from the Placing will be used for general
purposes, including advanced investigation of the new 3D seismic which covered
the two wells drilled by Shell in 1998, one of which recovered live oil to the
surface."
The Placing Shares will rank on their issue pari passu in all respects with the
existing issued ordinary shares. Application will be made for the Placing Shares
to be admitted to trading on AIM. It is expected that they will be admitted to
trading on AIM on 9 March 2007.
Rockhopper Exploration plc
06 March 2007
NOT FOR DISTRIBUTION INTO THE UNITED STATES, CANADA OR AUSTRALIA
6 March 2007
Rockhopper Exploration plc
Placing to raise up to GBP1.32 million
Rockhopper Exploration plc (the "Company") (RKH:AIM) is pleased to announce a
placing (the "Placing") of up to 3,588,700 new ordinary shares (the "Placing
Shares") at a subscription price of 37 pence each (the "Placing Price") by
Teather & Greenwood Limited with institutional and other investors to raise up
to #1,328,000 (before expenses).
The Placing Price represents a discount of approximately 6.33 per cent. to the
closing middle market price of an ordinary share on 5 March 2007, the day
preceding the date of this announcement. The Placing Shares equal, in number,
4.98 per cent of the ordinary shares currently in issue and (assuming full
subscription under the Placing) will represent 4.74 per cent. of the Company's
enlarged issued share capital immediately following the Placing (undiluted)
of 75,663,305 ordinary shares. It is expected that certain directors of the
Company will subscribe for a total of 189,189 Placing Shares under the Placing.
The Placing is not underwritten.
Dr. Pierre Jungels, Executive Chairman of Rockhopper Exploration, said:
"The continuing support of existing shareholders is greatly appreciated and we
are pleased to welcome our new shareholders to the unfolding Rockhopper
Exploration story. The funds raised from the Placing will be used for general
purposes, including advanced investigation of the new 3D seismic which covered
the two wells drilled by Shell in 1998, one of which recovered live oil to the
surface."
The Placing Shares will rank on their issue pari passu in all respects with the
existing issued ordinary shares. Application will be made for the Placing Shares
to be admitted to trading on AIM. It is expected that they will be admitted to
trading on AIM on 9 March 2007.
smiler o
- 25 Jul 2007 08:15
- 80 of 6294
rnsRockhopper Exploration plc
25 July 2007
25 July 2007
Exploration Update
2D prospects and leads volumetric work
3D data - initial interpretation
Rockhopper Exploration plc ('Rockhopper' or 'the Company') the North Falkland
Islands explorer, is pleased to announce that volumetric work has been completed
on the Company's leads and prospects in licences PL023 and PL024. The work
suggests unrisked P50 recoverable reserves of in aggregate 2.5 billion barrels
providing encouragement against the backdrop of an easing rig market.
Rockhopper is also pleased to report that it is further encouraged following an
initial review of 3D seismic data covering licences PL032 and PL033, from where
oil was recovered in 1998. The survey is the most modern 3D project undertaken
in the Falkland Islands to date. Significantly, both structural closures and fan
type bodies can already be seen.
2D data - PL023 & PL024 - target sizes
Rockhopper has now completed volumetric work using the 2D seismic data collected
in 2006 on a number of targets in licences PL023 and PL024 which suggests
unrisked P50 recoverable reserves of in aggregate 2.5 billion barrels.
All of these targets are in relatively shallow water depths of less than 200m.
The potential range of target sizes is listed below. The minimum economic size
is likely to be 35 to 50 million barrels recoverable. The Company believes that
the net present value of a single 100 million barrel recoverable oil field would
be between US$750 million and US$1 billion.
Recoverable oil
Millions of barrels (unrisked)
Name P10 P50 P90
Beauchene 216 145 98
Bleaker 387 193 119
Concordia 60 44 20
Dolphin 543 287 49
Ernest 300 130 50
Golding 125 49 4
Keppel 812 580 365
Pebble 298 186 97
Saunders 679 434 171
Usborne 290 220 150
Weddell 394 254 108
These represent the best 11 structural targets in the opinion of the Directors.
There are a number of smaller additional leads which have not been listed. The
names are taken from Falkland place names. No reserves have been attributed to
any stratigraphic leads which are likely to mature with further data
acquisition.
Ernest, which is a 4 way closure with a positive CSEM anomaly, located in the
North of PL024, remains the most attractive prospect.
3D Data - PL032 & PL033
Rockhopper expects to receive the final processed 3D volume at the end of July.
This 3D covers an area of over 800 square kilometres and extends along some 30km
of the untested eastern basin margin. Data acquisition took place between
November 2006 and January 2007 and the survey is the largest of the three 3D
surveys carried out in the North Falkland Basin.
The Company has already received the initial Quality Control ('QC') volume.
These data are of high quality and represent the most modern 3D undertaken in
the Falkland Islands to date. The QC data volume is the entire data volume,
delivered prior to the completion of processing. It allows the Company to make
an initial interpretation of the data and also to finalise the processing work
required.
The initial interpretation of the QC volume reveals a number of structural
closures and two large fan bodies that can clearly be seen even at this early
stage.
Once interpretation of the final processed 3D data is completed, prospects will
be ranked and drilling locations will be decided.
Pierre Jungels commented:
'The data we have available to us is extremely encouraging and further reduces
our exploration risk in the North Falkland basin. The target sizes in licences
PL023 and PL024 provide confidence in the potential upside should any discovery
be made in the area and with the rig market easing, our work will now focus on
selecting the best targets for drilling.
Oil has already been recovered on licences PL032 and PL033 so the fact that we
can see structural closures and possible fans on our 3D seismic in this area is
highly significant and increases our confidence in the prospectivity of the
acreage.
NOTE
While most of the targets listed above are entirely within Rockhopper acreage,
others straddle the boundary between Rockhopper
25 July 2007
25 July 2007
Exploration Update
2D prospects and leads volumetric work
3D data - initial interpretation
Rockhopper Exploration plc ('Rockhopper' or 'the Company') the North Falkland
Islands explorer, is pleased to announce that volumetric work has been completed
on the Company's leads and prospects in licences PL023 and PL024. The work
suggests unrisked P50 recoverable reserves of in aggregate 2.5 billion barrels
providing encouragement against the backdrop of an easing rig market.
Rockhopper is also pleased to report that it is further encouraged following an
initial review of 3D seismic data covering licences PL032 and PL033, from where
oil was recovered in 1998. The survey is the most modern 3D project undertaken
in the Falkland Islands to date. Significantly, both structural closures and fan
type bodies can already be seen.
2D data - PL023 & PL024 - target sizes
Rockhopper has now completed volumetric work using the 2D seismic data collected
in 2006 on a number of targets in licences PL023 and PL024 which suggests
unrisked P50 recoverable reserves of in aggregate 2.5 billion barrels.
All of these targets are in relatively shallow water depths of less than 200m.
The potential range of target sizes is listed below. The minimum economic size
is likely to be 35 to 50 million barrels recoverable. The Company believes that
the net present value of a single 100 million barrel recoverable oil field would
be between US$750 million and US$1 billion.
Recoverable oil
Millions of barrels (unrisked)
Name P10 P50 P90
Beauchene 216 145 98
Bleaker 387 193 119
Concordia 60 44 20
Dolphin 543 287 49
Ernest 300 130 50
Golding 125 49 4
Keppel 812 580 365
Pebble 298 186 97
Saunders 679 434 171
Usborne 290 220 150
Weddell 394 254 108
These represent the best 11 structural targets in the opinion of the Directors.
There are a number of smaller additional leads which have not been listed. The
names are taken from Falkland place names. No reserves have been attributed to
any stratigraphic leads which are likely to mature with further data
acquisition.
Ernest, which is a 4 way closure with a positive CSEM anomaly, located in the
North of PL024, remains the most attractive prospect.
3D Data - PL032 & PL033
Rockhopper expects to receive the final processed 3D volume at the end of July.
This 3D covers an area of over 800 square kilometres and extends along some 30km
of the untested eastern basin margin. Data acquisition took place between
November 2006 and January 2007 and the survey is the largest of the three 3D
surveys carried out in the North Falkland Basin.
The Company has already received the initial Quality Control ('QC') volume.
These data are of high quality and represent the most modern 3D undertaken in
the Falkland Islands to date. The QC data volume is the entire data volume,
delivered prior to the completion of processing. It allows the Company to make
an initial interpretation of the data and also to finalise the processing work
required.
The initial interpretation of the QC volume reveals a number of structural
closures and two large fan bodies that can clearly be seen even at this early
stage.
Once interpretation of the final processed 3D data is completed, prospects will
be ranked and drilling locations will be decided.
Pierre Jungels commented:
'The data we have available to us is extremely encouraging and further reduces
our exploration risk in the North Falkland basin. The target sizes in licences
PL023 and PL024 provide confidence in the potential upside should any discovery
be made in the area and with the rig market easing, our work will now focus on
selecting the best targets for drilling.
Oil has already been recovered on licences PL032 and PL033 so the fact that we
can see structural closures and possible fans on our 3D seismic in this area is
highly significant and increases our confidence in the prospectivity of the
acreage.
NOTE
While most of the targets listed above are entirely within Rockhopper acreage,
others straddle the boundary between Rockhopper
markymar
- 26 Jul 2007 08:36
- 81 of 6294
In the know, Times online,
Tiddler to watch
Rockhopper Exploration gained 5p to 52p after the Falklands focused group said a study of two prospects suggested 2.5 billion barrels of recoverable oil reserves. Kepler Teather & Greenwood Merrion, the companys broker, believes drilling could start next year. An aggressive exploration programme could follow.
Tiddler to watch
Rockhopper Exploration gained 5p to 52p after the Falklands focused group said a study of two prospects suggested 2.5 billion barrels of recoverable oil reserves. Kepler Teather & Greenwood Merrion, the companys broker, believes drilling could start next year. An aggressive exploration programme could follow.
markymar
- 26 Jul 2007 08:41
- 82 of 6294
Rockhopper Exploration (RKH) shares jumped 5.5p to 52.5p after volumetric work at its two chief lead prospects suggested 2.5 billion barrels of recoverable oil reserves were possible. The company said it expected to receive the final processed volume by the end of the month. The North Falkland Islands explorer said the net present value of a single 100 million barrel recoverable oil field would be between 750 million dollars and 1 billion dollars. Broker Kepler Teather & Greenwood Merrion responded by publishing a "buy" recommendation on the shares.
smiler o
- 26 Jul 2007 11:25
- 83 of 6294
Falklands may have 2.4 Bn boe
Wednesday, July 25, 2007
Two drilling target areas in the North Falklands basin have been estimated to contain the potential for up to 2.4 Bn boe.
Announcing the results of initial interpretation of recently acquired 2D seismic data in the basin plus the result of volumetric work, Rockhopper Exploration has said that its PL023 and PL024 licence areas in the North Falklands could contain substantial resources.
Rockhopper has now completed volumetric work using the 2D seismic data collected in 2006 on a number of targets in licences PL023 and PL024 which suggests unrisked P50 recoverable reserves of in aggregate 2.5 billion barrels, the company stated today.
All of the prospects identified are in relatively shallow water of less than 200m (656 ft) and the minimum economic size of the oil prospects is said to be between 35 and 50 m bbl of recoverable reserves.
The PL023 and PL024 licence areas north of the islands were previously drilled with six wells in 1998, some of which produced oil to surface and confirmed a working petroleum system in the basin.
Rockhopper has issued estimates of the size of reserves for each of the main 11 drilling prospects it has identified.
The prospects, named after locations in the Falkland Islands, are Beauchene, Blaker, Concordia, Dolphin, Earnest, Golding, Keppel, Pebble, Saunders, Usborne, and Weddell,with P10 to P90 reserves estimates ranging from 4 to 679 m bbl of recoverable oil the latter for the Saunders prospect.
At this stage, Rockhopper says Ernest, a four-4 way closure with a positive anomaly from controlled source electro-magnetic survey data which is in the north of PL024, remains the most attractive prospect.
At the end of this month Rockhopper is also expected to receive processed data from the 800 sq. km (308 sq. mile) 3D seismic survey undertaken between November 2006 and January this year.
Once that data has been interpreted, Rockhopper says its prospects will be ranked and selected for drilling.
Rockhopper s chairman Pierre Jungels commented today: The data we have available to us is extremely encouraging and further reduces our exploration risk in the North Falkland basin.
The target sizes in licences PL023 and PL024 provide confidence in the potential upside should any discovery be made in the area and with the rig market easing, our work will now focus on selecting the best targets for drilling, he added.
Wednesday, July 25, 2007
Two drilling target areas in the North Falklands basin have been estimated to contain the potential for up to 2.4 Bn boe.
Announcing the results of initial interpretation of recently acquired 2D seismic data in the basin plus the result of volumetric work, Rockhopper Exploration has said that its PL023 and PL024 licence areas in the North Falklands could contain substantial resources.
Rockhopper has now completed volumetric work using the 2D seismic data collected in 2006 on a number of targets in licences PL023 and PL024 which suggests unrisked P50 recoverable reserves of in aggregate 2.5 billion barrels, the company stated today.
All of the prospects identified are in relatively shallow water of less than 200m (656 ft) and the minimum economic size of the oil prospects is said to be between 35 and 50 m bbl of recoverable reserves.
The PL023 and PL024 licence areas north of the islands were previously drilled with six wells in 1998, some of which produced oil to surface and confirmed a working petroleum system in the basin.
Rockhopper has issued estimates of the size of reserves for each of the main 11 drilling prospects it has identified.
The prospects, named after locations in the Falkland Islands, are Beauchene, Blaker, Concordia, Dolphin, Earnest, Golding, Keppel, Pebble, Saunders, Usborne, and Weddell,with P10 to P90 reserves estimates ranging from 4 to 679 m bbl of recoverable oil the latter for the Saunders prospect.
At this stage, Rockhopper says Ernest, a four-4 way closure with a positive anomaly from controlled source electro-magnetic survey data which is in the north of PL024, remains the most attractive prospect.
At the end of this month Rockhopper is also expected to receive processed data from the 800 sq. km (308 sq. mile) 3D seismic survey undertaken between November 2006 and January this year.
Once that data has been interpreted, Rockhopper says its prospects will be ranked and selected for drilling.
Rockhopper s chairman Pierre Jungels commented today: The data we have available to us is extremely encouraging and further reduces our exploration risk in the North Falkland basin.
The target sizes in licences PL023 and PL024 provide confidence in the potential upside should any discovery be made in the area and with the rig market easing, our work will now focus on selecting the best targets for drilling, he added.
HARRYCAT
- 26 Jul 2007 12:22
- 84 of 6294
It would be interesting to know what the break even point is for extracting this oil. Whilst crude is $70+ a barrel there is obviously a nice profit, but the logistics of drilling, extracting & transporting must be very costly.
markymar
- 31 Jul 2007 09:55
- 85 of 6294
http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1185847528&feed=oilbarrel
31.07.2007
Rockhopper Encouraged By Latest Technical Work On Its Falkland Acreage While FOGL Excites With News Of Possible Farm-In
Things may, at last, be starting to heat up down in the Falkland Islands. After a year of not-much-happening (a couple of years back there were hopes wells would have been sunk by now), there are signs that the Falkland Island explorers are making slow but definite progress on putting together a drilling programme in these remote waters of the southern Atlantic.
Rockhopper Exploration, which focuses on the North Falkland Basin where it has interests in six licences, attracted a flurry of investor attention last week when it provided new resource estimates for the eleven best prospects in licences PL023 and PL024, suggesting total unrisked P50 recoverable reserves of 2.5 billion barrels. Shares in the AIM company, which is named after the local penguin colonies, jumped 5.5p to 52.5p after the release of the new numbers.
These licences lie close to the Falkland Islands and in relatively shallow water depths (less than 200 metres), reducing the minimum economic threshold for discoveries to 35 to 50 million barrels of recoverable oil. The company believes that the net present value of a single 100 million barrel recoverable oil field would be between US$750 million and US$1 billion.
The prospects, named after local place names, carry unrisked P50 recoverable estimates that range from 44 million barrels on the Concordia structure to 580 million barrels in the Keppel prospect. None of the eleven include the stratigraphic leads, which can be difficult to identify on seismic data and will require further data acquisition to mature to prospect status.
The most attractive of the eleven prospects is reckoned to be Ernest, with a P50 estimate of 130 million barrels. Ernest is a four-way closure that has been derisked by matching the 3D data with a CSEM anomaly: it carries a 40 per cent chance of success.
The company has also reviewed the 800 sq km of 3D data acquired over licences PL032 and PL033 to the north. These are ex-Shell licences that yielded live oil back in 1998 when the first and last wells were drilled in the North Falkland Basin (only six in total for an area half the size of Texas). The 3D shoot included a 30 km stretch of the previously untested eastern margin of the basin. This is significant because Rockhoppers geological model is based on the assumption that oil in the basin migrated to the basin margins, thereby explaining why the 1998 drilling campaign proved disappointing: all six of the 1998 wells focused on the centre of the basin where a regional seal is believed to have prevented the upward migration of oil.
Preliminary interpretation of the new 3D data is promising, revealing a number of structural closures and two large fan bodies. Oil has already been recovered on licences PL032 and PL033 so the fact that we can see structural closures and possible fans on our 3D seismic in this area is highly significant and increases our confidence in the prospectivity of the acreage, said chairman Pierre Jungels.
All of this, of course, remains purely speculative until tested by the drillbit. The companies exploring these waters need to either pool resources to secure rig time or bring in farm-in partners with the deep pockets to finance these kinds of wildcatting projects. There are signs that the tight rig market is easing somewhat but it is still going to be expensive to drill in these remote waters.
The partners are doing what they can to inch towards drilling, collecting data in order to de-risk their prospect inventories and taking the necessary logistical steps to have drill-ready projects. Millions of dollars have been spent on 2D, 3D and CSEM surveys. Desire Petroleum, which like Rockhopper is active in the North Falkland Basin, has been stockpiling drilling equipment and is in the process of conducting a high res 2D seismic site survey over its Ann, Dawn and Ruth prospects in order to identify any potential hazards that could affect the surface location of the wellbore.
And both Desire and Rockhopper are conducting Environmental Impact Assessments over their licences. A successfully completed EIA also enhances the marketability of the acreage to prospective farm-in partners. The more work done to de-risk the acreage and present a drill-ready portfolio of prospects the more value the AIM players will be able to extract during farm-in negotiations.
No deals have yet been struck but last week investors got the first real signal that a major oil company may be getting reading to join the AIM explorers. Falkland Oil & Gas Limited, which is focused on the virgin waters to the south and east of the islands, confirmed it is in advanced discussions which may or may not lead to a major resources company farming in to certain of its assets.
This is big news. FOGL opened its data room well over a year ago but despite reports of interest from all the usual suspects, a deal has been slow to materialize (not least because of the vast amounts of data to digest by risk-averse oil majors). Shares in AIM-quoted FOGL shot up by 42 pence to 123 pence on news of the talks, taking its share price up 55 per cent week-on-week. The shares have since eased back to 114 pence but are still more than 30 pence higher than in early June. Investors will be keen for those advanced discussions to firm into a concrete deal that brings the prospect of drilling a very real step closer.
31.07.2007
Rockhopper Encouraged By Latest Technical Work On Its Falkland Acreage While FOGL Excites With News Of Possible Farm-In
Things may, at last, be starting to heat up down in the Falkland Islands. After a year of not-much-happening (a couple of years back there were hopes wells would have been sunk by now), there are signs that the Falkland Island explorers are making slow but definite progress on putting together a drilling programme in these remote waters of the southern Atlantic.
Rockhopper Exploration, which focuses on the North Falkland Basin where it has interests in six licences, attracted a flurry of investor attention last week when it provided new resource estimates for the eleven best prospects in licences PL023 and PL024, suggesting total unrisked P50 recoverable reserves of 2.5 billion barrels. Shares in the AIM company, which is named after the local penguin colonies, jumped 5.5p to 52.5p after the release of the new numbers.
These licences lie close to the Falkland Islands and in relatively shallow water depths (less than 200 metres), reducing the minimum economic threshold for discoveries to 35 to 50 million barrels of recoverable oil. The company believes that the net present value of a single 100 million barrel recoverable oil field would be between US$750 million and US$1 billion.
The prospects, named after local place names, carry unrisked P50 recoverable estimates that range from 44 million barrels on the Concordia structure to 580 million barrels in the Keppel prospect. None of the eleven include the stratigraphic leads, which can be difficult to identify on seismic data and will require further data acquisition to mature to prospect status.
The most attractive of the eleven prospects is reckoned to be Ernest, with a P50 estimate of 130 million barrels. Ernest is a four-way closure that has been derisked by matching the 3D data with a CSEM anomaly: it carries a 40 per cent chance of success.
The company has also reviewed the 800 sq km of 3D data acquired over licences PL032 and PL033 to the north. These are ex-Shell licences that yielded live oil back in 1998 when the first and last wells were drilled in the North Falkland Basin (only six in total for an area half the size of Texas). The 3D shoot included a 30 km stretch of the previously untested eastern margin of the basin. This is significant because Rockhoppers geological model is based on the assumption that oil in the basin migrated to the basin margins, thereby explaining why the 1998 drilling campaign proved disappointing: all six of the 1998 wells focused on the centre of the basin where a regional seal is believed to have prevented the upward migration of oil.
Preliminary interpretation of the new 3D data is promising, revealing a number of structural closures and two large fan bodies. Oil has already been recovered on licences PL032 and PL033 so the fact that we can see structural closures and possible fans on our 3D seismic in this area is highly significant and increases our confidence in the prospectivity of the acreage, said chairman Pierre Jungels.
All of this, of course, remains purely speculative until tested by the drillbit. The companies exploring these waters need to either pool resources to secure rig time or bring in farm-in partners with the deep pockets to finance these kinds of wildcatting projects. There are signs that the tight rig market is easing somewhat but it is still going to be expensive to drill in these remote waters.
The partners are doing what they can to inch towards drilling, collecting data in order to de-risk their prospect inventories and taking the necessary logistical steps to have drill-ready projects. Millions of dollars have been spent on 2D, 3D and CSEM surveys. Desire Petroleum, which like Rockhopper is active in the North Falkland Basin, has been stockpiling drilling equipment and is in the process of conducting a high res 2D seismic site survey over its Ann, Dawn and Ruth prospects in order to identify any potential hazards that could affect the surface location of the wellbore.
And both Desire and Rockhopper are conducting Environmental Impact Assessments over their licences. A successfully completed EIA also enhances the marketability of the acreage to prospective farm-in partners. The more work done to de-risk the acreage and present a drill-ready portfolio of prospects the more value the AIM players will be able to extract during farm-in negotiations.
No deals have yet been struck but last week investors got the first real signal that a major oil company may be getting reading to join the AIM explorers. Falkland Oil & Gas Limited, which is focused on the virgin waters to the south and east of the islands, confirmed it is in advanced discussions which may or may not lead to a major resources company farming in to certain of its assets.
This is big news. FOGL opened its data room well over a year ago but despite reports of interest from all the usual suspects, a deal has been slow to materialize (not least because of the vast amounts of data to digest by risk-averse oil majors). Shares in AIM-quoted FOGL shot up by 42 pence to 123 pence on news of the talks, taking its share price up 55 per cent week-on-week. The shares have since eased back to 114 pence but are still more than 30 pence higher than in early June. Investors will be keen for those advanced discussions to firm into a concrete deal that brings the prospect of drilling a very real step closer.
smiler o
- 01 Aug 2007 08:51
- 86 of 6294
Rockhopper Exploration plc
01 August 2007
1 August 2007
Rockhopper Exploration plc
Rockhopper Exploration shares begin trading on PLUS Markets
Rockhopper Exploration plc (the Company) is pleased to announce that its
ordinary shares have been admitted to trading on PLUS Markets (under the same
trading symbol as on AIM: RKH).
PLUS Markets is an independent London-based equity market service, provided by
PLUS Markets Group plc, which was recently approved as a Recognised Investment
Exchange. PLUS Markets is based on a quote-driven trading system and currently
trades over 900 small and mid-cap company shares representing a combined market
capitalisation of around GBP200 billion.
The Company's ordinary shares will continue to be quoted and traded on AIM.
Rockhopper Exploration's Managing Director, Sam Moody, commented:
'PLUS Markets provides a route, in addition to AIM, for investors to trade in
Rockhopper shares and is intended to enhance investor choice, improve liquidity
for shareholders and provide greater access to investors.'
01 August 2007
1 August 2007
Rockhopper Exploration plc
Rockhopper Exploration shares begin trading on PLUS Markets
Rockhopper Exploration plc (the Company) is pleased to announce that its
ordinary shares have been admitted to trading on PLUS Markets (under the same
trading symbol as on AIM: RKH).
PLUS Markets is an independent London-based equity market service, provided by
PLUS Markets Group plc, which was recently approved as a Recognised Investment
Exchange. PLUS Markets is based on a quote-driven trading system and currently
trades over 900 small and mid-cap company shares representing a combined market
capitalisation of around GBP200 billion.
The Company's ordinary shares will continue to be quoted and traded on AIM.
Rockhopper Exploration's Managing Director, Sam Moody, commented:
'PLUS Markets provides a route, in addition to AIM, for investors to trade in
Rockhopper shares and is intended to enhance investor choice, improve liquidity
for shareholders and provide greater access to investors.'
markymar
- 01 Sep 2007 10:33
- 87 of 6294
http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1185847528&feed=oilbarrel
31.07.2007
Rockhopper Encouraged By Latest Technical Work On Its Falkland Acreage While FOGL Excites With News Of Possible Farm-In
Things may, at last, be starting to heat up down in the Falkland Islands. After a year of not-much-happening (a couple of years back there were hopes wells would have been sunk by now), there are signs that the Falkland Island explorers are making slow but definite progress on putting together a drilling programme in these remote waters of the southern Atlantic.
Rockhopper Exploration, which focuses on the North Falkland Basin where it has interests in six licences, attracted a flurry of investor attention last week when it provided new resource estimates for the eleven best prospects in licences PL023 and PL024, suggesting total unrisked P50 recoverable reserves of 2.5 billion barrels. Shares in the AIM company, which is named after the local penguin colonies, jumped 5.5p to 52.5p after the release of the new numbers.
These licences lie close to the Falkland Islands and in relatively shallow water depths (less than 200 metres), reducing the minimum economic threshold for discoveries to 35 to 50 million barrels of recoverable oil. The company believes that the net present value of a single 100 million barrel recoverable oil field would be between US$750 million and US$1 billion.
The prospects, named after local place names, carry unrisked P50 recoverable estimates that range from 44 million barrels on the Concordia structure to 580 million barrels in the Keppel prospect. None of the eleven include the stratigraphic leads, which can be difficult to identify on seismic data and will require further data acquisition to mature to prospect status.
The most attractive of the eleven prospects is reckoned to be Ernest, with a P50 estimate of 130 million barrels. Ernest is a four-way closure that has been derisked by matching the 3D data with a CSEM anomaly: it carries a 40 per cent chance of success.
The company has also reviewed the 800 sq km of 3D data acquired over licences PL032 and PL033 to the north. These are ex-Shell licences that yielded live oil back in 1998 when the first and last wells were drilled in the North Falkland Basin (only six in total for an area half the size of Texas). The 3D shoot included a 30 km stretch of the previously untested eastern margin of the basin. This is significant because Rockhoppers geological model is based on the assumption that oil in the basin migrated to the basin margins, thereby explaining why the 1998 drilling campaign proved disappointing: all six of the 1998 wells focused on the centre of the basin where a regional seal is believed to have prevented the upward migration of oil.
Preliminary interpretation of the new 3D data is promising, revealing a number of structural closures and two large fan bodies. Oil has already been recovered on licences PL032 and PL033 so the fact that we can see structural closures and possible fans on our 3D seismic in this area is highly significant and increases our confidence in the prospectivity of the acreage, said chairman Pierre Jungels.
All of this, of course, remains purely speculative until tested by the drillbit. The companies exploring these waters need to either pool resources to secure rig time or bring in farm-in partners with the deep pockets to finance these kinds of wildcatting projects. There are signs that the tight rig market is easing somewhat but it is still going to be expensive to drill in these remote waters.
The partners are doing what they can to inch towards drilling, collecting data in order to de-risk their prospect inventories and taking the necessary logistical steps to have drill-ready projects. Millions of dollars have been spent on 2D, 3D and CSEM surveys. Desire Petroleum, which like Rockhopper is active in the North Falkland Basin, has been stockpiling drilling equipment and is in the process of conducting a high res 2D seismic site survey over its Ann, Dawn and Ruth prospects in order to identify any potential hazards that could affect the surface location of the wellbore.
And both Desire and Rockhopper are conducting Environmental Impact Assessments over their licences. A successfully completed EIA also enhances the marketability of the acreage to prospective farm-in partners. The more work done to de-risk the acreage and present a drill-ready portfolio of prospects the more value the AIM players will be able to extract during farm-in negotiations.
No deals have yet been struck but last week investors got the first real signal that a major oil company may be getting reading to join the AIM explorers. Falkland Oil & Gas Limited, which is focused on the virgin waters to the south and east of the islands, confirmed it is in advanced discussions which may or may not lead to a major resources company farming in to certain of its assets.
This is big news. FOGL opened its data room well over a year ago but despite reports of interest from all the usual suspects, a deal has been slow to materialize (not least because of the vast amounts of data to digest by risk-averse oil majors). Shares in AIM-quoted FOGL shot up by 42 pence to 123 pence on news of the talks, taking its share price up 55 per cent week-on-week. The shares have since eased back to 114 pence but are still more than 30 pence higher than in early June. Investors will be keen for those advanced discussions to firm into a concrete deal that brings the prospect of drilling a very real step closer.
31.07.2007
Rockhopper Encouraged By Latest Technical Work On Its Falkland Acreage While FOGL Excites With News Of Possible Farm-In
Things may, at last, be starting to heat up down in the Falkland Islands. After a year of not-much-happening (a couple of years back there were hopes wells would have been sunk by now), there are signs that the Falkland Island explorers are making slow but definite progress on putting together a drilling programme in these remote waters of the southern Atlantic.
Rockhopper Exploration, which focuses on the North Falkland Basin where it has interests in six licences, attracted a flurry of investor attention last week when it provided new resource estimates for the eleven best prospects in licences PL023 and PL024, suggesting total unrisked P50 recoverable reserves of 2.5 billion barrels. Shares in the AIM company, which is named after the local penguin colonies, jumped 5.5p to 52.5p after the release of the new numbers.
These licences lie close to the Falkland Islands and in relatively shallow water depths (less than 200 metres), reducing the minimum economic threshold for discoveries to 35 to 50 million barrels of recoverable oil. The company believes that the net present value of a single 100 million barrel recoverable oil field would be between US$750 million and US$1 billion.
The prospects, named after local place names, carry unrisked P50 recoverable estimates that range from 44 million barrels on the Concordia structure to 580 million barrels in the Keppel prospect. None of the eleven include the stratigraphic leads, which can be difficult to identify on seismic data and will require further data acquisition to mature to prospect status.
The most attractive of the eleven prospects is reckoned to be Ernest, with a P50 estimate of 130 million barrels. Ernest is a four-way closure that has been derisked by matching the 3D data with a CSEM anomaly: it carries a 40 per cent chance of success.
The company has also reviewed the 800 sq km of 3D data acquired over licences PL032 and PL033 to the north. These are ex-Shell licences that yielded live oil back in 1998 when the first and last wells were drilled in the North Falkland Basin (only six in total for an area half the size of Texas). The 3D shoot included a 30 km stretch of the previously untested eastern margin of the basin. This is significant because Rockhoppers geological model is based on the assumption that oil in the basin migrated to the basin margins, thereby explaining why the 1998 drilling campaign proved disappointing: all six of the 1998 wells focused on the centre of the basin where a regional seal is believed to have prevented the upward migration of oil.
Preliminary interpretation of the new 3D data is promising, revealing a number of structural closures and two large fan bodies. Oil has already been recovered on licences PL032 and PL033 so the fact that we can see structural closures and possible fans on our 3D seismic in this area is highly significant and increases our confidence in the prospectivity of the acreage, said chairman Pierre Jungels.
All of this, of course, remains purely speculative until tested by the drillbit. The companies exploring these waters need to either pool resources to secure rig time or bring in farm-in partners with the deep pockets to finance these kinds of wildcatting projects. There are signs that the tight rig market is easing somewhat but it is still going to be expensive to drill in these remote waters.
The partners are doing what they can to inch towards drilling, collecting data in order to de-risk their prospect inventories and taking the necessary logistical steps to have drill-ready projects. Millions of dollars have been spent on 2D, 3D and CSEM surveys. Desire Petroleum, which like Rockhopper is active in the North Falkland Basin, has been stockpiling drilling equipment and is in the process of conducting a high res 2D seismic site survey over its Ann, Dawn and Ruth prospects in order to identify any potential hazards that could affect the surface location of the wellbore.
And both Desire and Rockhopper are conducting Environmental Impact Assessments over their licences. A successfully completed EIA also enhances the marketability of the acreage to prospective farm-in partners. The more work done to de-risk the acreage and present a drill-ready portfolio of prospects the more value the AIM players will be able to extract during farm-in negotiations.
No deals have yet been struck but last week investors got the first real signal that a major oil company may be getting reading to join the AIM explorers. Falkland Oil & Gas Limited, which is focused on the virgin waters to the south and east of the islands, confirmed it is in advanced discussions which may or may not lead to a major resources company farming in to certain of its assets.
This is big news. FOGL opened its data room well over a year ago but despite reports of interest from all the usual suspects, a deal has been slow to materialize (not least because of the vast amounts of data to digest by risk-averse oil majors). Shares in AIM-quoted FOGL shot up by 42 pence to 123 pence on news of the talks, taking its share price up 55 per cent week-on-week. The shares have since eased back to 114 pence but are still more than 30 pence higher than in early June. Investors will be keen for those advanced discussions to firm into a concrete deal that brings the prospect of drilling a very real step closer.
markymar
- 07 Oct 2007 17:16
- 88 of 6294
http://www.sharesmagazine.com/node/1558
Rockhopper gets a mention in this artical
Rockhopper (RKH:AIM) 50.5p Market cap: 38.21 million
As mentioned previously there is a logical case for consolidation in the Falklands and Rockhopper cannot afford to drill without an influx of cash. For the reasons already explored it is unlikely to be able to fund a major drilling programme by going to the market, so a possible takeover or merger would make sense. The company has acquired a wealth of seismic data on its two licenses PL023 and PL024, and the results suggest they contain 2.5 billion barrels of unrisked reserves.
Rockhopper gets a mention in this artical
Rockhopper (RKH:AIM) 50.5p Market cap: 38.21 million
As mentioned previously there is a logical case for consolidation in the Falklands and Rockhopper cannot afford to drill without an influx of cash. For the reasons already explored it is unlikely to be able to fund a major drilling programme by going to the market, so a possible takeover or merger would make sense. The company has acquired a wealth of seismic data on its two licenses PL023 and PL024, and the results suggest they contain 2.5 billion barrels of unrisked reserves.
markymar
- 31 Oct 2007 07:40
- 89 of 6294
Press Release
For immediate release: 31 October 2007
3D Interpretation Update
Large basin margin fans and structural closures identified
Rockhopper Exploration plc ("the Company" or "Rockhopper") is pleased to
announce that an initial interpretation of the 3D seismic data collected over
its licences PL032 and PL033 in the Falkland Islands has revealed large fans and
structural closures which could form targets for the next round of drilling. The
largest fans cover approximately 40sq km and are located near to the Shell well
which recovered live oil.
The 3D data were collected by CGGVeritas between November 2006 and January 2007
over licences PL032 and PL033, which were formerly held by Shell. Two wells were
drilled by Shell on this acreage during 1998. Live oil was recovered from one,
while oil and gas shows were found in the other. The collection of 3D over the
sites of the wells allows Rockhopper to significantly reduce exploration risk.
The new Rockhopper 3D survey covers an area of 850 km2 and shows a number of
large targets which could be drilled during the next phase. Amplitude mapping
indicates the presence of prominent fan-shaped anomalies along the eastern basin
margin at the level of the main Post-rift source rock sequence. Two of these
anomalies appear to coalesce and extend across a combined area of approximately
40 sq. km (which for the purposes of comparison, is slightly smaller by area
than the Buzzard field in the North Sea). Neither fan anomaly has been tested by
the two existing wells. These fans represent one of the largest prospects by
area so far identified in the Rockhopper portfolio. The fans are located near to
the Shell well which recovered live oil to the surface and are in an area of the
basin known to be generating oil. While oil shows were encountered in the centre
of the basin in the previous Shell wells, the eastern margin of the basin
remains completely untested.
In addition, a number of structural closures have been mapped along the eastern
basin margin. The largest structural closure identified to date is some 20km in
length from north to south, closing against the eastern basin margin. The
presence of basin margin closures and the identification of fan-shaped anomalies
were the main targets of the 3D campaign. Both have now been successfully
identified.
Mapping of the new 3D seismic will continue and additional technical work, which
includes Amplitude versus Offset ("AVO") studies, basin modelling, reservoir
modelling and a comprehensive study of the well logs and integration with the
new 3D is also in progress.
All of the technical work on licences PL032 and PL033, including a full prospect
inventory, should be completed by the end of 2007 and a further announcement
will be made at that time.
Pierre Jungels, Executive Chairman, commented:
We are very pleased to have identified encouraging indications of fan systems
for the first time on our acreage. This target has the potential to be large and
is in the area of the basin where oil has already been proven. In addition, the
structural closures enhance the potential reserves of our prospect inventory. We
will continue to refine our mapping before ranking our prospects and deciding on
drilling targets.
We have already announced separately a positive EM result on Ernest and have
other targets in Areas PL023 and PL024, giving a total potential figure of 2.5
Billion barrels recoverable in these additional licence areas.
The market for semi - submersible rigs is easing and the market for farming out
is improving and this gives us increased encouragement during the current phase
of our technical work programme.
An amplitude map showing the identified fan anomalies along the eastern basin
margin in licences PL032 and PL033 can be seen on Rockhopper's web site at
www.rockhopperexploration.co.uk. The area covered by the fan anomaly
is approximately 40 sq. km.
NB: This statement has been approved by the Company's geological staff who
include David Bodecott (Exploration Director), who is a Member of Petroleum
Exploration Society of Great Britain (PESGB) and the American Association of
Petroleum Geologists (AAPG) with over 30 years of experience in petroleum
exploration and management, for the purpose of the Guidance Note for Mining, Oil
and Gas Companies issued by the London Stock Exchange in respect of AIM
companies, which outline standards of disclosure for resource companies.
For immediate release: 31 October 2007
3D Interpretation Update
Large basin margin fans and structural closures identified
Rockhopper Exploration plc ("the Company" or "Rockhopper") is pleased to
announce that an initial interpretation of the 3D seismic data collected over
its licences PL032 and PL033 in the Falkland Islands has revealed large fans and
structural closures which could form targets for the next round of drilling. The
largest fans cover approximately 40sq km and are located near to the Shell well
which recovered live oil.
The 3D data were collected by CGGVeritas between November 2006 and January 2007
over licences PL032 and PL033, which were formerly held by Shell. Two wells were
drilled by Shell on this acreage during 1998. Live oil was recovered from one,
while oil and gas shows were found in the other. The collection of 3D over the
sites of the wells allows Rockhopper to significantly reduce exploration risk.
The new Rockhopper 3D survey covers an area of 850 km2 and shows a number of
large targets which could be drilled during the next phase. Amplitude mapping
indicates the presence of prominent fan-shaped anomalies along the eastern basin
margin at the level of the main Post-rift source rock sequence. Two of these
anomalies appear to coalesce and extend across a combined area of approximately
40 sq. km (which for the purposes of comparison, is slightly smaller by area
than the Buzzard field in the North Sea). Neither fan anomaly has been tested by
the two existing wells. These fans represent one of the largest prospects by
area so far identified in the Rockhopper portfolio. The fans are located near to
the Shell well which recovered live oil to the surface and are in an area of the
basin known to be generating oil. While oil shows were encountered in the centre
of the basin in the previous Shell wells, the eastern margin of the basin
remains completely untested.
In addition, a number of structural closures have been mapped along the eastern
basin margin. The largest structural closure identified to date is some 20km in
length from north to south, closing against the eastern basin margin. The
presence of basin margin closures and the identification of fan-shaped anomalies
were the main targets of the 3D campaign. Both have now been successfully
identified.
Mapping of the new 3D seismic will continue and additional technical work, which
includes Amplitude versus Offset ("AVO") studies, basin modelling, reservoir
modelling and a comprehensive study of the well logs and integration with the
new 3D is also in progress.
All of the technical work on licences PL032 and PL033, including a full prospect
inventory, should be completed by the end of 2007 and a further announcement
will be made at that time.
Pierre Jungels, Executive Chairman, commented:
We are very pleased to have identified encouraging indications of fan systems
for the first time on our acreage. This target has the potential to be large and
is in the area of the basin where oil has already been proven. In addition, the
structural closures enhance the potential reserves of our prospect inventory. We
will continue to refine our mapping before ranking our prospects and deciding on
drilling targets.
We have already announced separately a positive EM result on Ernest and have
other targets in Areas PL023 and PL024, giving a total potential figure of 2.5
Billion barrels recoverable in these additional licence areas.
The market for semi - submersible rigs is easing and the market for farming out
is improving and this gives us increased encouragement during the current phase
of our technical work programme.
An amplitude map showing the identified fan anomalies along the eastern basin
margin in licences PL032 and PL033 can be seen on Rockhopper's web site at
www.rockhopperexploration.co.uk. The area covered by the fan anomaly
is approximately 40 sq. km.
NB: This statement has been approved by the Company's geological staff who
include David Bodecott (Exploration Director), who is a Member of Petroleum
Exploration Society of Great Britain (PESGB) and the American Association of
Petroleum Geologists (AAPG) with over 30 years of experience in petroleum
exploration and management, for the purpose of the Guidance Note for Mining, Oil
and Gas Companies issued by the London Stock Exchange in respect of AIM
companies, which outline standards of disclosure for resource companies.
markymar
- 07 Nov 2007 07:11
- 90 of 6294
markymar
- 22 Nov 2007 10:29
- 91 of 6294
Chairman's statement
During the six months ending 30th September 2007 we received the fully processed
3D seismic data volume from CGG Veritas. This delivery of processed data, the
largest and most modern 3D undertaken to date in the Falklands, represents
completion of the data acquisition on our operated acreage set out at the time
of the IPO in August 2005.
We have already identified targets in PL023 and PL024 on 2D and CSEM giving a
total potential figure of 2.5 billion barrels recoverable. We have significantly
reduced the risk associated with exploring in PL023 and PL024, found a number of
large prospects and leads and created an increased expected monetary value as a
result.
Initial interpretation of the 3D seismic data in licences PL032 and PL033 is
hugely encouraging and will add to our prospect and lead inventory while also
further de-risking the acreage. The fans identified near the Shell wells on the
3D have the potential to become one of the largest targets in our portfolio.
While oil prices remain high, the market for semi-submersible rigs of the type
required in the North Falkland Basin has eased with a number of suitable units
becoming available. While these units remain expensive, that cost can be
significantly reduced if the mobilisation and demobilisation can be shared with
other operators.
At the same time, the market for farm outs is also improving and we have now
been asked to present to a number of large oil companies.
We will be in a position to begin that process in earnest once we complete the
interpretation of our data which will happen later this year. We are also
keeping all other funding options open.
As part of the review undertaken during the conversion to IFRS we have changed
our
presentational currency to US Dollars. This better reflects both the industry
and economic environment in which we operate.
Dr Pierre Jungels
Chairman
During the six months ending 30th September 2007 we received the fully processed
3D seismic data volume from CGG Veritas. This delivery of processed data, the
largest and most modern 3D undertaken to date in the Falklands, represents
completion of the data acquisition on our operated acreage set out at the time
of the IPO in August 2005.
We have already identified targets in PL023 and PL024 on 2D and CSEM giving a
total potential figure of 2.5 billion barrels recoverable. We have significantly
reduced the risk associated with exploring in PL023 and PL024, found a number of
large prospects and leads and created an increased expected monetary value as a
result.
Initial interpretation of the 3D seismic data in licences PL032 and PL033 is
hugely encouraging and will add to our prospect and lead inventory while also
further de-risking the acreage. The fans identified near the Shell wells on the
3D have the potential to become one of the largest targets in our portfolio.
While oil prices remain high, the market for semi-submersible rigs of the type
required in the North Falkland Basin has eased with a number of suitable units
becoming available. While these units remain expensive, that cost can be
significantly reduced if the mobilisation and demobilisation can be shared with
other operators.
At the same time, the market for farm outs is also improving and we have now
been asked to present to a number of large oil companies.
We will be in a position to begin that process in earnest once we complete the
interpretation of our data which will happen later this year. We are also
keeping all other funding options open.
As part of the review undertaken during the conversion to IFRS we have changed
our
presentational currency to US Dollars. This better reflects both the industry
and economic environment in which we operate.
Dr Pierre Jungels
Chairman
markymar
- 07 Dec 2007 08:45
- 92 of 6294
RNS Number:4156J
Rockhopper Exploration plc
07 December 2007
PRESS RELEASE
7 December 2007
Rockhopper Exploration plc ("Rockhopper")
Ernest Site Survey Completed
Rockhopper is pleased to announce that Wavefield Inseis ASA has successfully
collected the site survey data over the Ernest prospect in Licence PL024.
Pierre Jungels, Rockhopper Exploration's Executive Chairman, commented:
"Now that the site survey over Ernest has been acquired the only remaining item
is to complete the Environmental Impact Assessment , which is already underway.
Once complete we will be in a position to drill, subject to rig availability.
The possibility of a large Falklands drilling campaign has become more concrete
with BHP's entry into the region and Rockhopper would certainly be interested in
participating in any such campaign. The farm out market is improving as is the
market for mid water semis, giving us a number of options for drilling once we
are ready.
We are making good progress in our interpretation of the 3D seismic data over
licences PL032 and PL033 and initial indications are encouraging . We should be
in a position to update the market on the final interpretation results before
the end of January.
We will then reprocess that 3D seismic to remove the need for additional site
surveys in that acreage and we should therefore have several drillable targets
once our interpretation and reprocessing is completed."
NB: This statement has been approved by the Company's geological staff who
include David
Rockhopper Exploration plc
07 December 2007
PRESS RELEASE
7 December 2007
Rockhopper Exploration plc ("Rockhopper")
Ernest Site Survey Completed
Rockhopper is pleased to announce that Wavefield Inseis ASA has successfully
collected the site survey data over the Ernest prospect in Licence PL024.
Pierre Jungels, Rockhopper Exploration's Executive Chairman, commented:
"Now that the site survey over Ernest has been acquired the only remaining item
is to complete the Environmental Impact Assessment , which is already underway.
Once complete we will be in a position to drill, subject to rig availability.
The possibility of a large Falklands drilling campaign has become more concrete
with BHP's entry into the region and Rockhopper would certainly be interested in
participating in any such campaign. The farm out market is improving as is the
market for mid water semis, giving us a number of options for drilling once we
are ready.
We are making good progress in our interpretation of the 3D seismic data over
licences PL032 and PL033 and initial indications are encouraging . We should be
in a position to update the market on the final interpretation results before
the end of January.
We will then reprocess that 3D seismic to remove the need for additional site
surveys in that acreage and we should therefore have several drillable targets
once our interpretation and reprocessing is completed."
NB: This statement has been approved by the Company's geological staff who
include David
markymar
- 03 Jan 2008 12:14
- 93 of 6294
PRESS RELEASE
3 January 2008
Rockhopper Exploration completes 2D seismic survey
Rockhopper Exploration plc is pleased to announce that the 2D seismic survey
over the Weddell prospect and surrounding areas has been completed.
Sam Moody, Rockhopper Exploration's Managing Director commented:
'Due to high operational efficiency and good weather we instructed Wavefield
Inseis to collect 550 Km of 2D seismic in total, some 83% more than originally
anticipated. This extra data should put us in a strong position to further
de-risk the acreage.
This infill 2D seismic data will now be processed and interpreted.'
3 January 2008
Rockhopper Exploration completes 2D seismic survey
Rockhopper Exploration plc is pleased to announce that the 2D seismic survey
over the Weddell prospect and surrounding areas has been completed.
Sam Moody, Rockhopper Exploration's Managing Director commented:
'Due to high operational efficiency and good weather we instructed Wavefield
Inseis to collect 550 Km of 2D seismic in total, some 83% more than originally
anticipated. This extra data should put us in a strong position to further
de-risk the acreage.
This infill 2D seismic data will now be processed and interpreted.'
markymar
- 06 Jan 2008 20:32
- 94 of 6294
http://www.commodityonline.com/news/topstory/newsdetails.php?id=4632
You don't have to invest in a specialist oil portfolio to get exposure and gain from higher oil prices. Managers such as Bill Mott, responsible for PSigma Income, and Neil Woodford, who manages Invesco Perpetual Income, have more than 10% of their funds invested in the oil and gas sector.
Bradley Mitchell, manager of the Royal London UK Growth fund, has been predicting increased oil prices for almost two years and has been positioning his fund to take advantage of the hike. Mitchell has invested in specialist oil firms, such as Rockhopper Exploration, which is prospecting for offshore reserves around the Falkland Islands. Shares in the firm soared 10% a few days ago on good news about the firm's latest seismic surveys.
You don't have to invest in a specialist oil portfolio to get exposure and gain from higher oil prices. Managers such as Bill Mott, responsible for PSigma Income, and Neil Woodford, who manages Invesco Perpetual Income, have more than 10% of their funds invested in the oil and gas sector.
Bradley Mitchell, manager of the Royal London UK Growth fund, has been predicting increased oil prices for almost two years and has been positioning his fund to take advantage of the hike. Mitchell has invested in specialist oil firms, such as Rockhopper Exploration, which is prospecting for offshore reserves around the Falkland Islands. Shares in the firm soared 10% a few days ago on good news about the firm's latest seismic surveys.
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