Rockhopper exploring financing options ahead of drilling
03 July 2008
Rockhopper Exploration, the oil and gas explorer working in the North Falkland Basin, today delivered an upbeat assessment of its current activities, with indications that it is close to drilling its first wells.
Dr Pierre Jungels, Rockhopper’s chairman, said: “During the year we made further significant progress with our plans to explore and exploit any resources in our North Falkland Basin licences and we are now at the final phase before drilling.
During the year to March Rockhopper said its interpretation of 3D seismic surveys confirmed potential for 1.2 billion barrels of recoverable oil in licences PL032 and PL033. In total, 3.7 billion barrels of P50 recoverable have now been identified on all its acreage
Jungels added: “The Board’s target is to drill between two and four wells on our acreage. We are keeping our options open with regard to how those wells are financed, the options being to farm out, or raise equity or a combination of the two. In making a decision we will be guided by determining the best value matrix for our shareholders.”
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