By J. Brock (FINN)
Rockhopper Exploration has announced that significant upside potential remains and a further exploration drilling campaign for its acreage in the North Falkland Basin; and is planned for 2014. Prospects to be drilled are Chattham G, S-2, George 1 and Zebedee.
The Development Plan includes "FPSO in 450m water depth; tanker offloading, "Associated gas used as fuel or re-injected, "22 producers, 13 water injectors and a gas injector, drilled from 3 subsea centres, "Insulated flowlines and risers, "HSPs for artificial lift, "Gross plateau rate of 80-85 kbopd, "Capex to first oil of US$3 billion (purchased FPSO) and "Subsequent exploitation of satellite fields utilising an additional drill centre.
A Provisional Schedule has been set out:
"Concept selection in Q2 2013. "Project sanction in mid - 2014. "First oil in Q3 2017.
Rockhopper retains significant exposure to the upside in the North Falkland Basin and will benefit from a US$48 million (net) exploration carry; and has a strong balance sheet, with approximately US$270 million of net cash available, which gives it the ability to pursue additional growth opportunities.
