Rockhopper Exploration achieves first gas at Civita field onshore Italy

16th Nov 2015 10:43

(ShareCast News) - Rockhopper Exploration said first gas production into the network from the Civita gas field onshore Italy began last Friday.The Civita gas field is located within the Aglavizza production concession and is operated by the company with a 100% working interest. It will be commissioned at a rate of 12,500 standard cubic metres per day before increasing to the expected stabilised flow rate of around 25,000 per day by the end of the month.The oil and gas exploration and production company said that when combined with its share of production from the Guendalina gas field in the Northern Adriatic, it expects net production from Italy in 2016 to average over 100,000 standard cubic metres per day.At current gas prices and exchange rates, it expects revenue from Guendalina and Civita, net to the company, of around $9m (£5.9m) in 2016.Chief executive officer Sam Moody said: "First gas from Civita, coupled with the recent drilling success at Guendalina, reinforces the benefit of our Mediterranean portfolio to our wider business, as well as its highly valuable contribution to our financial position."At 1050 GMT, Rockhopper shares were up 3.5% at 36.75p.