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Rachel North 14/15-2 - Oil di
Rachel North 14/15-2 - Oil di.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n RNS Number : 2399X Rockhopper Exploration plc 02 December 2010 \n\nFor immediate release: 2 December 2010\n \nRockhopper Exploration plc\n \n(\"Rockhopper\" or the \"Company\")\n \nRachel North 14/15-2 - Oil discovery\n \nRockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, notes the announcement by Desire Petroleum plc (the \"Operator\") that the 14/15-2 Rachel North well, in which Rockhopper holds a 7.5% working interest, has reached a total depth of 3052 metres.\n \nPreliminary data collected indicate that this well is an oil discovery. The Operator has run an initial suite of wireline logs and this together with the drilling data indicate that the well encountered a 349 metres gross interval from 2621 metres to 2970 metres of sands and shales with hydrocarbons, of which 57 metres is net pay in multiple zones. The thickest zone is 8 metres thick with an average porosity of 20%. Other zones are thinly bedded and lower porosity but require further analysis from additional wireline logs to establish reservoir potential.\n \nThe Operator now intends to complete the wireline logging and wireline sampling programme to obtain more information on the reservoir quality, the hydrocarbon saturations and the fluid type to assess the significance of this discovery. Further information will be released in due course.\n \nThe completion of the drilling of the Rachel North 14/15-2 well will complete Rockhopper's earn-in on Desire's licences PL03 and PL04 under the terms of the farm-in agreement and result in Rockhopper holding a 7.5% working and economic interest in those licences. \n \nSam Moody, Chief Executive of Rockhopper, commented,\n \n\"These preliminary results from Rachel North, when combined with Rockhopper's Sea Lion oil discovery, are encouraging for the basin.\"\n \nSubsurface support is provided to the Operator by Senergy (GB) Ltd and the results reported today are based on the work of the Senergy operations team. Rockhopper has not completed its own technical work on the outcome to date.\n \nEnquiries:\n \nRockhopper Exploration plc\nSam Moody - Chief Executive\nTel. +44 (0)20 7920 2340 (via M: Communications)\n \nM: Communications\nPatrick d'Ancona or Ben Simons\nTel. +44 (0)20 7920 2340\n \nCanacco...