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These represent the best 11 structural targets in the opinion of the Directors. There are a number of smaller additional leads which have not been listed. The names are taken from Falkland place names. No reserves have been attributed to any stratigraphic leads which are likely to mature with further data acquisition.
Ernest, which is a 4 way closure with a positive CSEM anomaly, located in the North of PL024, remains the most attractive prospect.
3D Data – PL032 & PL033
Rockhopper expects to receive the final processed 3D volume at the end of July. This 3D covers an area of over 800 square kilometres and extends along some 30km of the untested eastern basin margin. Data acquisition took place between November 2006 and January 2007 and the survey is the largest of the three 3D surveys carried out in the North Falkland Basin.
The Company has already received the initial Quality Control (“QC”) volume. These data are of high quality and represent the most modern 3D undertaken in the Falkland Islands to date. The QC data volume is the entire data volume, delivered prior to the completion of processing. It allows the Company to make an initial interpretation of the data and also to finalise the processing work required.
The initial interpretation of the QC volume reveals a number of structural closures and two large fan bodies that can clearly be seen even at this early stage.
Once interpretation of the final processed 3D data is completed, prospects will be ranked and drilling locations will be decided.
Pierre Jungels commented:
“The data we have available to us is extremely encouraging and further reduces our exploration risk in the North Falkland basin. The target sizes in licences PL023 and PL024 provide confidence in the potential upside should any discovery be made in the area and with the rig market easing, our work will now focus on selecting the best targets for drilling.
Oil has already been recovered on licences PL032 and PL033 so the fact that we can see structural closures and possible fans on our 3D seismic in this area is highly significant and increases our confidence in the prospectivity of the acreage.
NOTE
While most of the targets listed above are entirely within Rockhopper acreage, others straddle the boundary between Rockhopper acreage and unlicensed acreage, or acreage licensed to other operators. For example, while approximately 95% of target Ernest (P10) is within Rockhopper acreage, the analysis above relates to 100% of the target.
No risking has been performed in calculating the numbers above. Where targets are basement structures, a 30m net pay has been assumed. Where targets are shallower closures, a net to gross of 0.65 has been applied to the volume. Conservative reservoir parameters have been applied throughout.
NB: This statement has been approved by the Company’s geological staff who include David Bodecott (Exploration Director), who is a Member of Petroleum Exploration Society of Great Britain (PESGB) and the American Association of Petroleum Geologists (AAPG) with over 30 years of experience in petroleum exploration and management, for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects.
For further information, please contact:
Rockhopper Exploration plc
www.rockhopperexploration.co.uk
Sam Moody – Managing Director 01722 414 419
Teather & Greenwood Limited
Tom Hulme – Corporate Finance 020 7426 9000
Tanya Clarke – Sales
Aquila Financial Ltd
www.aquila-financial.com
Peter Reilly 020 7202 2601
Yvonne Fraser 020 7202 2609
Notes to editors
www.rockhopperexploration.co.uk
The Rockhopper Group started trading in February 2004 to invest in and carry out an offshore oil exploration programme to the north of the Falkland Islands. The Group, floated on AIM in August 2005, is currently the largest licence holder in the North Falkland Basin and has a 100 per cent. interest in four offshore production licences which cover approximately 5,800 sq. km. These licences have been granted by the Falkland Islands government.
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