LONDON – Rockhopper Exploration (AIM: RKH) and its partners have agreed to drill another well on the Isobel/Elaine complex in the offshore North Falkland basin.
The re-drill will target the Isobel Deep reservoir in which well 14/20-1, drilled earlier this year, encountered oil; however, that well could not be logged or sampled due to mechanical issues.
The new well will be drilled roughly 4 km (2.5 mi) from the original wellbore and will likely test additional reservoir targets in the Elaine South and Isobel shallow fans.
It will replace the originally scheduled Jayne East well in the current campaign performed by the semisubmersible Eirik Raude, which is due to return to the North Falkland basin in mid-late October.
Rockhopper has also agreed to pay Falkland Oil & Gas Ltd. (FOGL) $4 million for not drilling Jayne East, with Rockhopper and operator Premier Oil carrying FOGL on its 40% equity share of the re-drill costs.
Sam Moody, CEO of Rockhopper, said: “The Isobel Deep well drilled in May significantly de-risked the Isobel/Elaine fan complex which represents a new play in a previously underexplored part of the North Falkland basin.”
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