Rockhopper Exploration Reports Positive Sea Lion Sample Results

2nd Jul 2010 08:32

LONDON (Dow Jones)--Rockhopper Exploration PLC (RKH.LN), the North Falkland Basin oil and gas exploration company, Friday reports positive results of wireline MDT samples obtained from the recent Sea Lion 14/10-2 oil discovery well in the North Falkland Basin, adding that the samples analyzed under reservoir conditions have been confirmed as medium grade crude. MAIN FACTS: -Samples show following characteristics: * API confirmed as 26.4 - 29.2 degrees * Low Viscosity of 6.5 - 8.5 centipoises at reservoir pressure * Gas Oil Ratio of 261 - 272 standard cubic feet per stock tank barrel * A typical Wax Content of 18.4% - 20.8% weight from chemical analysis of crude oil sample * Formation Value Factor of 1.16 * Low sulphur of around 0.2% weight -Expects flow test of the Sea Lion well to confirm a mobile crude oil. -Wax content is typical for a lacustrine sourced crude oil and significantly lower than many other producing oilfields worldwide. -Viscosity, gas oil ratio, Formation Value Factor and sulphur are all better than anticipated. -Shares at 0730 GMT up 9.75 pence, or 3.5%, at 292 pence valuing the company at GBP564.1 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires July 02, 2010 03:32 ET (07:32 GMT)