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RKH Rockhopper Exploration Plc

13.05
0.00 (0.00%)
Last Updated: 08:00:06
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Rockhopper Exploration Plc LSE:RKH London Ordinary Share GB00B0FVQX23 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 13.05 12.70 13.85 5,470 08:00:06
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 652k 35.55M 0.0598 2.18 77.55M

Rockhopper Exploration plc Update regarding Abu Sennan Drilling Campaign (9770N)

15/08/2017 7:00am

UK Regulatory


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RNS Number : 9770N

Rockhopper Exploration plc

15 August 2017

15 August 2017

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Update regarding Abu Sennan Drilling Campaign

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 update concerning the Abu Sennan drilling concession, onshore Egypt, in which the Company has a 22% working interest.

Production from the six fields within the Abu Sennan concession remains stable, averaging 3,300 barrels of oil equivalent per day ("boepd") gross during the first six months of 2017.

Al Jahraa-9

The Al Jahraa-9 well penetrated 5 metres of reservoir sand in the primary Abu Roash-C ("AR-C") reservoir. Wireline logging and a well test across the interval confirmed that, while the sand is water wet, the reservoir pressure is in line with the producing AR-C reservoir in the Al Jahraa and Al Jahraa SE fields. The well also encountered the deepest known oil shows in the Abu Roash-D and Abu Roash-E ("AR-E") reservoirs, demonstrating further potential at these levels elsewhere in the concession.

The results of the Al Jahraa-9 well will now be integrated with existing data for the Al Jahraa and Al Jahraa SE oil fields to help refine the future development plans for these fields.

Al Jahraa SE-2X

The Al Jahraa SE-2X well has been successfully side-tracked into the Al Jahraa SE field and oil pay has been confirmed from wireline logging in both the AR-C and AR-E reservoirs. The well has recently been completed in the deeper AR-E reservoir and was put onto production at a tubular and pump constrained rate of approximately 250 boepd gross.

Egypt payments

Rockhopper is pleased to confirm that its outstanding receivables balance for Egypt continues to reduce, with further payments having been received in July.

Sam Moody, CEO, commented:

"We are pleased with the overall progress in Egypt and, in particular, with the continuing reduction in our receivables balance. While it is disappointing that the Al Jahraa-9 well was water wet, the deep oil shows are an encouraging indication of the additional potential at these deeper levels in other areas of the concession. Furthermore, with the Al Jahraa SE-2X well having now been completed as a producer, we believe that a well-constructed water flood programme would have the potential to significantly enhance recovery factors achievable at the Al Jahraa field."

For further information, please contact:

Rockhopper Exploration plc

Tel: (via Vigo Communications) - 0207 830 9701

Sam Moody - Chief Executive Officer

Stewart MacDonald - Chief Financial Officer

Canaccord Genuity Limited (NOMAD and Joint Broker)

Tel: 0207 523 8000

Henry Fitzgerald-O'Connor

James Asensio

Peel Hunt LLP (Joint Broker)

Tel: 020 7418 8900

Richard Crichton

Vigo Communications

Tel: 0207 830 9701

Patrick d'Ancona

Ben Simons

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 company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

August 15, 2017 02:00 ET (06:00 GMT)

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