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Rockhopper feathers Falklands nest
AIM-listed explorer Rockhopper is weighing up its options after identifying five hydrocarbon plays in its North Falkland basin licences.
Rockhopper said the plays were mapped during the an 850 quare kilometre 3D shoot of production licences 032 and 033.
It is estimated that the prospects could hold 1.9 billion barrels unrisked recoverable and have P50 unrisked recoverable reserves of around 1.2 billion barrels.
Rockhopper added the list of prospects does not include a number of extra leads which are still being investigated.
It added prospects have already been identified on PL023 and PL024 which may hold P50 unrisked recoverable reserves of 2.5 billion barrels.
The new mapping has identified five hydrocarbon plays in the acreage and confirmed the presence of multiple drilling targets.
Rockhopper added that the 3D seismic revealed that one of the exploration wells drilled by Shell in 1998 which, amongst other oil shows, hit a thin sand with good hydrocarbon shows, is actually located at the very edge of a fan prospect which appears to thicken towards its centre.
Rockhopper now believes that this thicker part of the fan prospect could therefore contain commercially viable accumulations of hydrocarbons.
The acreage, now held 100% by Rockhopper was previously held by Shell and two wells were drilled in 1998.
Well 14/5-1 found oil and gas shows, well 14/10-1 recovered live oil to the surface.
The Rockhopper 2007 3D seismic survey overshot the well locations and also the unexplored eastern basin margin which is currently an untested oil play.
The data confirms the prospectivity of the acreage and has further reduced the exploration risk as more play types have been identified.
Rockhopper will now start advanced work on the data which will include AVO analysis, imaging studies, geochemical modelling, further detailed log analysis, depth conversion and reservoir modelling.
Rockhopper's executive chairman Pierre Jungels said: "The quality of the 3D seismic data and the further insight into the basin it has allowed us is extremely encouraging.
"In my experience, we now have a very high quality prospect inventory from which to select a number of drilling locations. Work will now focus on refining the prospect inventory, including those previously identified in licences PL023 and PL024, in preparation for drilling or farming out.
"We now have sufficient drilling targets to justify a drilling campaign, whether that means farming out or obtaining a rig as operator. Now that we have a larger number of potential drillable targets we can also begin to accelerate our search for a rig."