Rockhopper to begin farm-out process later this year
22 November 2007
Rockhopper Exploration, the North Falkland Basin explorer, reported a first half loss of $725,000 (2006 $681,000) and at the same time revealed that the company has been invited to "present to a large number of oil companies".
Dr. Pierre Jungels, in his Chairman's statement said:
"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."
Managing Director Sam Moody said:
'An initial review of the 3D seismic, which covers some 850km2, reveals that both fan shaped amplitude anomalies and structural closures can clearly be seen.
These will add to our existing prospect and lead inventory which currently consists of a number of targets in PL023 and PL024 totalling 2.5 billion barrels of recoverable oil.'
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