Rockhopper Exploration and Gulf Keystone have done it again. Both junior explorers have released drilling results that look likely to boost their already sizeable frontier oil discoveries.
In the Falklands, Rockhopper's final well to test its Sea Lion discovery was drilled more than 12km from the original strike, but encountered hydrocarbons in all four targets. In addition to further increasing the estimated oil volumes for Sea Lion and a second discovery, Casper, the well also proved two further discoveries, Beverley and Casper South, the latter being the third oil find of the campaign and Beverley, a gas find.
The result is excellent news for Rockhopper, which has earned a 60 per cent interest in the sub-licence from funding the well. It is also likely to enhance Rockhopper's chances of attracting a financier or industry partner to fund the development of Sea Lion. The well also keeps alive the ambitions of partner Desire Petroleum, on whose original acreage this well was drilled and for which this represents the first success in nearly two years of drilling.
Meanwhile, in Kurdistan, Gulf Keystone's latest well to test its huge Shaikan discovery has drilled through 2,375m of total hydrocarbon-bearing rock formations.
In partnership with Genel Energy, Gulf Keystone is also drilling the first exploration well on the Ber Bahr block. Genel estimates an oil resource of 1.5bn barrels for the block, which Gulf Keystone believes could prove as large as Shaikan. Initial signs are encouraging, with indications of hydrocarbons in the well.
