Rockhopper sees great results at Sea Lion field

8th Dec 2011 08:00

Rockhopper Oil, the Falkland Islands focused exploration company, has said it is just one well away from completing its "very successful" appraisal of the Sea Lion field. At the end of the six months ended 30 September, the firm had $131m in financial resources available, which has since increased to $188m following the placing of ordinary shares in October. Chairman Dr. Pierre Jungels said: "We continue in the rare position of holding 100% of what we are proving up to be a world-class asset, which makes a range of options available to us. Having established that the field is commercial and that it will be developed, we will now look to proving how, and potentially with whom, best to achieve such a development."As our understanding of the field has increased, so too has our view of its value and its status as a world-class asset. To have also made an additional discovery and improved our acreage position in the process has been all the more of an achievement." The firm has drilled 10 wells in the Sea Lion field and is now in the process of deciding how to best develop the resource's potential. Loss before tax rose from £27.5m to £32.5m on a like-for-like basis, after total expenses increased by around the same amount. The share price fell 1.2% to 247.25p by 08:28.NR