Rockhopper expects $7m revenue from Italian offshore project

Oil and gas explorer Rockhopper Exploration said its partner at the Guendalina gas field offshore Italy had successfully completed the drilling of the GU2-Dir A well.

Italian energy giant Eni, which owns an 80% stake in the project to Rockhopper’s 20%, drilled the well, which is expected to contribute approximately $7m in revenue the company is anticipating to make from the project next year, to a total planned depth of 3,726 metres.

Rockhopper said the drilling operations were completed within the expected timeframe and on budget, adding Eni encountered deeper gas levels that have been perforated as part of the dual string completion.

The Guendalina field is currently producing 440,000 standard cubic metres of gas per day, of which 88,000 standard cubic metres is net to Rockhopper, which translates into 580 of barrels of oil equivalent per day.

The figure represents a sharp increase from the daily rate of 223 barrels of oil equivalent, the group reported in May this year.

Rockhopper shares were down 0.98% to 40.41p at 1053 GMT on Tuesday.