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RNS Number : 0715N Rockhopper Exploration plc 04 June 2010
Embargoed: 0700hrs 4 June 2010
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Sea Lion Exploration Well - 14/10-2
Oil Discovery - Technical Update
Rockhopper Exploration, the North Falkland Basin oil and gas exploration company, is pleased to provide the following update regarding analysis of the results of the Sea Lion 14/10-2 well oil discovery recently completed in the North Falkland Basin:
Highlights:
SAMPLES ANALYSED IN A DEDICATED LABORATORY CONFIRMED AS MEDIUM GRAVITY CRUDE OIL - RANGING FROM 26.4 TO 29.2 API
EVERY SAND IN THE WELL BENEATH REGIONAL SEAL CHARGED WITH OIL
RPS ENERGY BEST ESTIMATE RECOVERABLE UPGRADED FROM 170MMBBLS TO 242MMBBLS RECOVERABLE WITH SIGNIFICANT UPSIDE POTENTIAL
BOARD BELIEVES NEW PLAY FAIRWAY OPENED
217 METRES GROSS OIL COLUMN, 53 METRES NET PAY
THE COMPANY INTENDS TO TEST THE WELL AT THE EARLIEST OPPORTUNITY DURING THE CURRENT CAMPAIGN
Results of data analysis
Well 14/10-2 on the Sea Lion prospect ("Sea Lion" or "the Sea Lion well") was drilled to a depth of 2,744 metres during April and May 2010. Following completion of final logging, the well was suspended for future testing. The Company intends to test the well at the earliest opportunity during the current campaign and test equipment is currently being mobilised.
The well penetrated what the Company believes is a regional seal between 2,250 metres and 2,374 metres subsea. Based on log analysis, well site evaluation of shows and samples, sidewall cores and wireline formation testing, it appears that all sands encountered beneath this regional seal at the Sea Lion location are charged with oil and no oil water contacts were encountered.
The top oil sand in the Sea Lion well was encountered at 2,374 metres subsea, and the base of the lowest oil sand ("oil down to") level was encountered at 2,591 metres subsea. The total vertical oil column is 217 metres (712 feet), with total net pay of 53 metres in seven identified pay zones, the thickest of which is approximately 30 metres gross.
Pressure data suggest the possibility of two separate oil columns, although this will have to be confirmed by a full well test. The main Sea Lion fan has a net pay interval of 34.5 metres. Additional underlying sands have net pay totalling approximately 18 metres. Approximately 16m of this lower pay appears to relate to a Sea Lion lower fan, which had been previously recognised, but not included as a primary prospect. A further 2 metres of deeper pay has also been encountered.
The oil down to level of 2,591 metres subsea is 116 metres beneath the lowest mapped point of the Sea Lion fan. The entire Sea Lion fan has an aerial extent of over 45 sq km and there are strong seismic indications of thicker reservoir packages elsewhere in the fan. The oil down to level is significantly lower than the lowest point of the Sea Lion main fan.
On the basis of the information gathered in this well, RPS Energy Pty Ltd, the competent person responsible for the Company's Competent Person's Report of April 2009 (the "April 2009 CPR"), has revised the range of possible outcomes as follows (the "June 2010 RPS Report"):
**RPS ENERGY CURRENT ESTIMATES (AS OF 3 JUNE 2010):
STOIIP (MMbbls)
Low Best High Mean
Sea Lion Main Fan 232 717 1,493 764
Sea Lion Lower Fan 53 146 370 185
Total* 382 806 1,673 943
Recoverable Contingent** Resources (MMbbls)
Low Best High Mean
Sea Lion Main Fan 35 215 597 229
Sea Lion Lower Fan 8 44 148 63
Total* 57 242 669 291
TOTALS ARE CONSOLIDATED PROBABILISTIC VOLUMES AND NOT A SUMMATION OF INDIVIDUAL ACCUMULATIONS
*CONTINGENT UPON THE DETERMINATION OF COMMERCIALITY, BASED ON WELL FLOW RATES AND AN ECONOMIC DEVELOPMENT PLAN
**THE JUNE 2010 RPS REPORT RELATES SPECIFICALLY AND SOLELY TO THE SUBJECT ASSETS AND IS CONDITIONAL UPON VARIOUS ASSUMPTIONS THAT ARE DESCRIBED THEREIN. THE REPORT SHOULD, THEREFORE, BE READ IN ITS ENTIRETY. THE ASSESSMENT OF THE SEA LION DISCOVERY WAS PERFORMED WITHIN A LIMITED TIME FRAME. RPS IS BEING COMMISSIONED BY THE COMPANY TO CONDUCT FURTHER WORK ON THE SEA LION DISCOVERY AND THEREFORE THE ASSESSMENT PUBLISHED TODAY MAY BE SUBJECT TO CHANGE FOLLOWING A MORE DETAILED TECHNICAL REVIEW. THE REPORT IS AVAILABLE ON THE COMPANY'S WEB SITE - WWW.ROCKHOPPEREXPLORATION.CO.UK
Examination of side wall core samples confirms extensive good oil staining and good reservoir characteristics. Logging data are indicative of good quality reservoir, with average porosity of 19% and good permeability.
Samples of oil recovered from the well have now been analysed in a specialist laboratory. 5 samples were analysed and returned between 26.4 API and 29.2 API. Further analysis will now be carried out and a press release will be made when appropriate.
Management believes that the Sea Lion well has opened a new play fairway in licences PL032 and PL033. The Company will now re-evaluate technical data in the light of information gained from well 14/10-2 with a view to de-risking the existing inventory of prospects and indentifying new ones.
Sam Moody, Managing Director, commented:
"Rockhopper has now confirmed the first Contingent Oil Resource in the Falklands. Our analysis of the data from the Sea Lion well suggests that there is significant potential upside on our acreage and our technical effort will now focus on integrating all of our new knowledge of the basin so we can understand and identify the best prospects for future drilling. Being a 100% holder of this acreage potentially places Rockhopper in a very strong position. We are now looking forward to drilling Ernest and testing Sea Lion.
The test of Sea Lion will be a key step on the road to proving commerciality. We believe that, with modern horizontal completions and water injection in sands of the quality encountered, recovery factors significantly above the 15% assumed in the P90 case could be achieved. Furthermore, our recently updated economic model indicates that a stand alone field of 60mmbbls recoverable could be commercial at oil prices down to US$50 per barrel."
Enquiries:
Rockhopper Exploration plc
Sam Moody - Managing Director
Tel. +44 (0)20 7920 2340 (via M: Communications)
M: Communications
Patrick d?ncona or Ben Simons
Tel. +44 (0)20 7920 2340
Canaccord Genuity Limited Robert Finlay / Henry Fitzgerald-O'Connor
Tel. +44 (0) 20 7050 6500
www.iii.co.uk/investment/...n:RKH.L&display=news&it=le
