Rockhopper Exploration has been dealt mixed results in its Egypt campaign. The firm has a 22% working interest in the Abu Sennan drilling concession, onshore Egypt.
Testing on the firm’s Al Jaraa-9 well came back wet.
However, production from the six fields within the Abu Sennan concession remains stable, averaging 3,300 barrels of oil equivalent per day for the first six months of the year. The firm has also received overdue payments in line with Egypt production.
Chief executive Sam Moody said: “We are pleased with the overall progress in Egypt and, in particular, with the continuing reduction in our receivables balance.
“While it is disappointing that the Al Jahraa-9 well was water wet, the deep oil shows are an encouraging indication of the additional potential at these deeper levels in other areas of the concession. Furthermore, with the Al Jahraa SE-2X well having now been completed as a producer, we believe that a well-constructed water flood programme would have the potential to significantly enhance recovery factors achievable at the Al Jahraa field.”
Rockhopper is an international oil and gas exploration and production company, incorporated and headquartered in the UK and traded on the AIM Market of the London Stock Exchange. The company is focused in two distinct geographic areas – the North Falkland Basin in the South Atlantic and the Greater Mediterranean.
(Source: Arab Finance)