Rockhopper takes off after Falklands find

6th May 2010 14:06

Rockhopper Exploration has generated huge excitement after claiming the first oil find in the potentially lucrative waters off the Falkland Islands.Well 14/10-2 on the Sea Lion prospect in the North Falklands Basin drilled down 2,744 metres, and initial data indicates the well is an oil discovery, a statement revealed Thursday.That was enough to send the share price as high as 95p, up 157% on the previous day's close of 37p."We are extremely excited by the results of this well. While we are presently acquiring additional data, current indications are that we have made the first oil discovery in the North Falkland Basin," said managing director Samuel Moody."We will now focus on analysing in more detail the data gathered from the well, in addition to continuing preparations for the drilling of our Ernest prospect later in the year." The group is deciding whether to drill an appraisal well on Sea Lion later during the current drilling campaign. Fellow Falklands explorer Desire Petroleum disappointed last month as early drilling results in its campaign around the Falkland Islands failed to meet expectations.Its Liz 14/19-1 well found oil in thin intervals but reservoir quality was poor.