Rockhopper Exploration today said a new report reinforced its stance that the North Falklands was a billion barrel basin.
ERC Equipoise carried out an independent audit of the contingent and prospective resources of Rockhopper’s assets in licences PL032 and PL004.
Chief executive Simon Moody said: “In our view this new audit confirms the potential of the North Falklands to be a billion barrel basin. The Sea Lion Complex itself holds over half a billion barrels with almost 270 million barrels of low risk near field upside (including the SL20 west flank in oil-bearing case) which we believe could be assessed with as few as three or four more optimally targeted wells.
“In addition, the Isobel Elaine discovery has the potential to be a third regional development potentially containing over 500 million barrels. Combining the well-appraised Sea Lion field, the low risk near field upside and the Isobel Elaine appraisal area, a billion barrels of recoverable oil is within reach within the basin thanks to the outstanding track record of our sub surface team.”
The report found a total gross contingent resources for PL032 and PL004, including gas, to be 747 million barrels of oil equivalent (MMboe) on a 2C basis and on a 3C basis 1,462MMboe.
The ERCE Audit has confirmed over half a billion barrels of 2C oil resources in the reservoirs that together make up the Sea Lion Complex including the reservoirs discovered in the Zebedee well. These resources are expected to be developed in two phases, the first of which will develop the resources in the north-east and north-west of the SL10 and SL20 fans.