Business
Independent Resources Audit
Independent Resources Audit.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 4314Y Rockhopper Exploration plc 17 May 2016 \n\n17 May 2016\n \nRockhopper Exploration plc\n \n(\"Rockhopper\" or the \"Company\")\n \nIndependent Resources Audit\n \nRockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, is delighted to announce the completion of an independent audit of the Contingent and Prospective Resources of its assets in licences PL032 and PL004 in the North Falkland Basin. \n \nThe audit was completed by ERC Equipoise Limited (\"ERCE\") (the \"ERCE Audit\") and the letter summarising the findings of their audit to the board of directors will be published on the Company website at www.rockhopperexploration.co.uk. Additionally, certain updated management estimates utilising the ERCE Audit work are being provided, most particularly around resources contained in the Isobel Elaine Area.\n \nSea Lion Complex\n \nERCE Audit Highlights\n \n· Discovered STOIIP 1,667MMstb, 834MMstb net to RKH (Best Case) \n \n· Discovered 2C resources 517MMstb oil, 258MMstb net to RKH\n \n· Discovered 3C resources 900MMstb oil, 452MMstb net to RKH\n \n· Total discovered 2C resources including gas 747MMboe, 392MMboe net to RKH\n \n· Total discovered 3C resources including gas 1,462MMboe, 798MMboe net to RKH\n \nUpside\n \n· Audited near field low risk exploration upside of 207MMstb, 105MMstb net to RKH (Best Case, unrisked) \n \n· Additional upside in West Flank if oil-bearing (management resource estimate 60MMstb) \n \nIsobel Elaine Area\n \nERCE Audit Highlights \n \n· Discovered STOIIP 277MMstb oil, 177MMstb net to RKH (Best Case)\n \n· Discovered 2C resources for Isobel Deep (F3H Fan) 20MMstb oil, 13MMstb net to RKH \n \n· Undiscovered STOIIP 282MMstb oil, 180MMstb net to RKH (Best Case)\n \nManagement Estimates \n \n· Additionally for the Emily, Isobel and Isobel Deep J fans, management has applied 25% and 35% recovery factors for 2C and ...