Rockhopper Exploration still in talks over possible farm-out
18 November 2008
Rockhopper Exploration has reiterated its intention to start drilling over its licenses in the North Falkland basin as soon as rig availability, financing and relevant consents have been resolved.
Reporting interim results for the period to September 30, 2008, the company said it was continuing to hold discussions over possible farm-outs and noted that there were signs that rig rates and availability were easing.
Rockhopper said its resource estimates had increased from 1.2 billion barrels recoverable on an unrisked basis to 1.8 billion barrels recoverable in licences PL032 and PL033. Its overall potential position has now increased to 4.3 billion barrels recoverable oil plus multi Tcf gas.
The group incurred a loss for the six month period of $1.2 million up from $0.7 million last time largely due to increases in administrative expenses and the charge for share based remuneration.
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