Rockhopper makes progress with Egyptian drilling, receivables
By Iain Gilbert
Date: Monday 12 Nov 2018
(Sharecast News) - Oil and gas company Rockhopper Exploration has seen gross daily production from its assets on the Abu Sennan concession in Egypt hit 3,800 barrels of oil per day, with an improving payment situation in the country too.
Rockhopper, which has a 22% interest in the Abu Sennan concession, said its development well Al Jahraa 6 was successful in its primary objective of showing Abu Roash-C as an infill oil producer but also encountered good oil shows in the Abu Roash-D, E, G and made a new oil discovery in the deeper Bahariya section.
The second Al Jahraa field development well, Al Jahraa 10, reached total depth on 16 October in the Abu Roash-F Formation. Rockhopper said operations were ongoing at the site in order to test levels and put the well into initial production on the most productive horizon.
The AIM-listed company netted 840 of the 3,800 barrels of oil produced per day at Abu Sennan.
Elsewhere, exploration well ASZ-1X located on Prospect S, the first of two commitment wells to be drilled in the first phase of the new concession, was spudded on 8 November.
Lastly, Rockhopper said it was continuing to experience "an improving payment situation" in Egypt - with a number of payments from Egyptian General Petroleum towards its outstanding receivables balance being made in recent months.
As of 31 October, Rockhopper's EGPC receivable balance was approximately $1.9m.
Chief executive Sam Moody, said: "We are delighted to have made real progress with this drilling programme in Egypt and particularly to have produced commercial volumes of oil from the Bahariya formation for the first time."
As of 0830 GMT, Rockhopper shares had picked up 3.80% to 32.90p.
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