Business
Exploration Activity Update
Exploration Activity Update.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n Rockhopper Exploration plc\n18 October 2006\n\n\n\n \nRockhopper Exploration plc\n\nPRESS RELEASE\n\nFOR IMMEDIATE RELEASE\n\n18th October 2006\n\n\n Exploration Activity Update\n\n Integration of data provides greatly improved clarity on prospects\n\n\n •CSEM and 2D seismic data give direct hydrocarbon indicators\n •Ernest Prospect (formerly J1) significantly de-risked, potentially c. 100\n million barrels of recoverable reserves\n •Potential discovered NPV10 over $1,000 million at $50 oil for prospect\n Ernest\n\nRockhopper Exploration plc ('Rockhopper' or 'the Company') has today announced\nthat data from the two Controlled Source Electromagnetic Surveys (CSEM) carried\nout on its behalf by Offshore Hydrocarbon Mapping plc earlier in 2006, when\nco-rendered (superimposed) with recently acquired 2D seismic data, provides\ngreater clarity of the structures surveyed and significantly de-risks the\nacreage.\n\nExecutive Chairman, Dr. Pierre Jungels, said:\n\n'This is great news, we took a bold step utilising CSEM and have substantially\nde-risked our prospects. We now have a drillable prospect, Ernest, which if\nsuccessful could contain over 100 million barrels of recoverable oil.\n\nIn little more than a year since listing on AIM, we have significantly increased\nour understanding of and confidence in the prospectivity our North Falkland\nBasin acreage. We now have a highly de-risked drillable prospect and a number of\nencouraging leads in licences PL023 and PL024.\n\nWe intend making further progress in our understanding with a 3D seismic survey\nstarting later this month in licences PL032 and PL033 and conducting further\nevaluation of the 2006 2D seismic data on licences PL023 and PL024 with the aim\nof identifying a number of additional drillable targets for any drilling\nprogramme.'\n\n\nFurther technical information\n\nErnest Prospect (formerly J1)\n\n2D\n\nInterpretation of the 2D seismic acquired in 2006 has confirmed the robust\nnature of the prospect and also provided potential hydrocarbon indicators.\n\nProspect Ernest is a relatively low risk independent 4-way dip closed structure\nin 160m of water only 100km from the Islands. The 4-way closure looks more\nrobust having interpreted the new seismic, with an areal extent of some 2880\nacres. It is also possible to map a much bigger, somewhat more risky closure...