Posted by OilVoice Press - OilVoice
Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falklands Basin and the Greater Mediterranean region, is pleased to provide the following corporate and operational update.
Appointment of Pathfinder Bank for Sea Lion development
Standard Chartered Bank has been appointed as Pathfinder Bank in relation to the proposed senior debt project financing of the Phase 1 development of the Sea Lion project.
Abu Sennan, Egypt (22% working interest)
Development well Al Jahraa-6 on the Al Jahraa field is expected to spud this week. The primary objective of the well is the producing AR-C reservoir, at the crest of the structure. The well has an additional exploration target in the deeper Bahariya Formation sands which are productive in adjacent licences. This well is expected to take approximately 60 days to drill and will be immediately followed by a second development well in the field (Al Jahraa-10). The water injection programme in Al Jahraa is progressing to schedule and injection is expected to commence in mid-July. The third and final well in the 2018 Abu Sennan drilling campaign is an exploration well targeting Prospect S.
El Qa'a Plain, Egypt (25% working interest)
Exploration commitment well Raya-1X in the El Qa'a Plain concession reached TD on 30 June. At the primary Nukhul Formation objective, wireline logging confirmed the presence of good porosity sands, although no hydrocarbons were encountered. The well has been plugged and abandoned.
Sam Moody, Chief Executive of Rockhopper, commented:
"We are delighted to announce the appointment of Standard Chartered as Pathfinder Bank. This appointment marks another step for the Sea Lion project as we work towards securing the necessary funding to allow project sanction. Standard Chartered is a leader in the field of Energy project financing and has played a significant role in a number of bank and export credit agency led financings in recent years.
"We also welcome the commencement of the Abu Sennan drilling campaign which comprises two development wells (Al Jahraa-6 and Al Jahraa-10), an exploration well at Prospect S as well as the initiation of a water flood programme at Al Jahraa. Whilst the result of the Raya-1X commitment well is disappointing, the targeted play was always considered high risk and the financial exposure to Rockhopper limited to less than $1 million."
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