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Rockhopper Exploration Egypt Update


Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falklands Basin and the Greater Mediterranean region, is pleased to provide the following operational and corporate update in relation to its Egyptian portfolio.

Abu Sennan, Egypt (22% working interest)

Year to date average daily production from the Abu Sennan concession has been maintained at approximately 4,000 boepd gross (approximately 880 boepd net to Rockhopper). 

An active programme has been agreed for 2018 including the drilling of one exploration well ("Prospect S"), two development wells and a water injection programme targeting the Al Jahraa field.

A drilling rig has been contracted and is expected to arrive in the concession shortly. The first well is anticipated to spud in the last week of June once rig up and all inspections are completed. It is currently planned that the two development wells will be drilled first (Al Jahraa-6 and Al Jahraa-11), followed by the exploration well at Prospect S.

In addition to increasing production from the Abu-Roash reservoirs, Al Jahraa-6 has been designed to test a deeper exploration target in the Bahariya to test good quality, water wet sands encountered in Al Jahraa-1, but in an up-dip location. 

Prospect S is an exploration target in the adjacent fault block to the Al Jahraa field. It has a similar tilted fault block trap and is targeting the same Abu Roash reservoirs that produce at Al Jahraa.

The water injection project is progressing well and injection is expected to commence in early July. The operator has performed the hydrotest for the new line from the water injection station to the Al Jahraa-9 injection well. Preparations for installation of all the necessary equipment are in the final stages. The development programme at the Al Jahraa field is designed to increase reserves and field production rates.

Drilling on the Abu Sennan concession is expected to last for approximately six months with total capital expenditure, net to Rockhopper's 22% interest, of approximately US$3 million.

 

El Qa'a Plain, Egypt (25% working interest)

Commitment well Raya-1X was spudded on 17 June 2018. This well is targeting the Nukhul Formation reservoir, known from the Gulf of Suez, in a tilted fault block structure, close to where oil has been tested from the same formation.

Expenditures on the El Qa'a Plain concession, net to Rockhopper's 25% interest, are anticipated to be less than US$1 million.

 

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 May 2018, Rockhopper's EGPC receivable balance was approximately US$2.2 million (unaudited).



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