Rockhopper Climbs 12% on Successful Falkland Oil Well, Finds
Rockhopper Exploration Plc (RKH), the U.K. company looking for oil off the Falkland Islands, climbed the most in five weeks in London after saying it found hydrocarbons in four fields.
The 14/15-4 exploration well penetrated the Beverley, Casper South, Casper and Sea Lion reservoirs and showed that all targets contain some oil or gas, the company said today in a statement in London. At the potentially commercial Sea Lion field, the well found 8 meters (26 feet) of net oil pay.
Rockhopper shares surged 12 percent to 268.5 pence as of the 4:30 p.m. close of London trading. Desire Petroleum (DES) Plc, which has a 40 percent interest in the well, gained 2 percent.
“This fantastic result from our most aggressive well of the campaign will further increase our minimum estimates of oil in place for Sea Lion and Casper, in addition to proving two new discoveries in Beverley and Casper South, which is our third oil discovery in the basin,” Chief Executive Officer Sam Moody said in the statement.
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