Rockhopper Exploration plc Egypt Update (9768G)
November 12 2018 - 1:00AM
UK Regulatory
TIDMRKH
RNS Number : 9768G
Rockhopper Exploration plc
12 November 2018
12 November 2018
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Egypt Update
Rockhopper Exploration plc (AIM: RKH), the oil and gas company
with key interests in the North Falkland Basin and the Greater
Mediterranean region, is pleased to provide the following
operational and corporate update in relation to its Egyptian
portfolio.
Current production from the Abu Sennan concession is
approximately 3,800 barrels of oil per day ("bopd") gross (840 bopd
net to Rockhopper's 22% working interest), in line with H1 2018
rates.
Al Jahraa-6
The development well Al Jahraa 6 was successful not only in its
primary objective as an Abu Roash-C infill oil producer but also
encountered good oil shows in the Abu Roash-D, E, G and made a new
oil discovery in the deeper Bahariya section. The Bahariya
formation was put on test on 22 September 2018 and, after clean-up,
is producing in excess of 550 bopd with a stable water cut of 22%.
This represents the first commercial oil production from the
Bahariya formation within the Abu Sennan concession. The well has
been completed to allow potential future production from Abu Roash
G and C levels. The Company believes that the Bahariya discovery
de-risks additional exploration targets at the same level elsewhere
in the concession.
Al Jahraa-10
The second Al Jahraa field development well (Al Jahraa-10) of
this campaign reached total depth on 16 October 2018 in the Abu
Roash-F Formation. Oil pay was calculated in the Abu Roash-C and
Abu Roash-D levels. Operations are ongoing to test both levels and
put the well into initial production on the most productive
horizon.
Exploration update
The Abu Sennan exploration concession amendment agreement has
been approved by the Egyptian Parliament under law number 88 of
2018 and was signed by the Minister of Petroleum on 10 September
2018. The first phase of the concession was triggered upon signing
of the agreement and has a three-year duration with an expiry date
of 9 September 2021.
Exploration well ASZ-1X located on Prospect S was spudded using
the rig EDC-53 on 8 November 2018, and will be the first of two
commitment wells to be drilled in the first phase of the new
concession. The primary objective of well ASZ-1X is the Abu Roash-C
reservoir sand that produces in the neighbouring Al Jahraa field.
The deeper Abu Roash reservoirs present secondary targets. The well
is due to take around 50 days to drill.
Egypt payment situation
Rockhopper continues to experience an improving payment
situation in Egypt with a number of payments from Egyptian General
Petroleum Corporation ("EGPC") towards its outstanding receivables
balance received in recent months.
As at end October 2018, Rockhopper's EGPC receivable balance was
approximately US$1.9 million (unaudited).
Sam Moody, Chief Executive of Rockhopper, commented:
"We are delighted to have made real progress with this drilling
programme in Egypt and particularly to have produced commercial
volumes of oil from the Bahariya formation for the first time. With
an improved payment situation as well, we are pleased with recent
activities on our Egyptian acreage, and we look forward to the rest
of the ongoing exploration programme."
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Communications)
Canaccord Genuity Limited (NOMAD and Joint Broker)
Henry Fitzgerald-O'Connor/James Asensio
Tel. +44 (0) 20 7523 8000
Peel Hunt LLP (Joint Broker)
Richard Crichton
Tel. +44 (0) 20 7418 8900
Vigo Communications
Patrick d'Ancona/Ben Simons
Tel. +44 (0) 20 7390 0234
Note regarding Rockhopper oil and gas disclosure
This announcement has been approved by Rockhopper's geological
staff which includes Lucy Williams (Geoscience Manager) who is a
Chartered Geologist, a Fellow of the Geological Society of London
and a Member of both the Petroleum Exploration Society of Great
Britain and American Association of Petroleum Geologists, with over
25 years of experience in petroleum exploration and management and
who is the qualified person as defined in the Guidance Note for
Mining, Oil and Gas Companies issued by the London Stock Exchange
in respect of AIM companies.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDBBBMTMBMBTMP
(END) Dow Jones Newswires
November 12, 2018 02:00 ET (07:00 GMT)
Rockhopper Exploration (LSE:RKH)
Historical Stock Chart
From Apr 2024 to May 2024
Rockhopper Exploration (LSE:RKH)
Historical Stock Chart
From May 2023 to May 2024