Rockhopper Exploration, the North Falkland Basin oil and gas company, report the publication of a Competent Person's Report (CPR) prepared by Gaffney, Cline & Associates (GCA).

CPR highlights

• 355.6 MMbbls net to Rockhopper 2C contingent oil resources attributed to Sea Lion and adjacent discoveries • Sea Lion and adjacent discoveries estimated to have net to Rockhopper 2C risked NPV10 of US$ 4.1 billion and an unrisked NPV10 of US$ 4.7 billion

Resource and Economic Evaluation

The new CPR assigns a 90% chance of the Sea Lion field being progressed to successful development with the discoveries adjacent to Sea Lion assigned a 75% chance of development.

The probabilistic 1C, 2C and 3C resource numbers are based on low, best and high estimates of STOIIP of 0.65, 1.07 and 1.56 billion barrels respectively for the Sea Lion field. GCA has also indicated a deterministic best estimate STOIIP for the Sea Lion field of 1.3 billion barrels. The CPR also indicates significant additional prospectivity on licence PL032.

Tags: Rockhopper Exploration plc