Rockhopper says 2017 drilling campagin on Abu Sennan Concession underway

Rockhopper Exploration's shares rose more than 3% after it confirmed that the 2017 drilling campaign on the Abu Sennan Concession in Egypt had got underway.

The oil and company, which had interests in the North Falkland Basin and the Greater Mediterranean region, had a 22% working interest in the Abu Sennan Concession.

"Exploration well Al Jahraa SE-2X, situated on the recently awarded Abu Sennan-5 (Al Jahraa South East) Development Lease, was spudded on 25 April 2017 by the Operator Kuwait Energy as part of a two-well drilling campaign," said Rockhopper.

It said the well would target the Cretaceous Abu Roash-C reservoir in the fault block immediately to the south of the Al Jahraa South East discovery location.

"If successful, it could add over 20 mmbbls of STOIIP to the development lease," said Rockhopper, noting the well was seen taking roughly 40 days to drill and evaluate.

Following completion of the Al Jahraa SE-2X well, the rig would move to the Al Jahraa-9 location to drill a development well that would target the AR-C reservoir at a location deeper than the current deepest oil penetration at Al Jahraa-4.

"The aim will be to demonstrate the connection between the Al Jahraa and Al Jahraa South East fields through the oil leg," said Rockhopper.

"In addition, the operator has proposed two work-over operations during Q2 2017. The outcome of the above programme will inform partner discussions regarding appropriate activities in the second half of the year."

At 12:44 BST, shares in AIM-quoted Rockhopper were up 3.41% to 22.75p each.