Rockhopper Exploration’s oil reserves in North Falkland have doubled to more than 300 million barrels in what experts believe to be a billion barrel basin.
The latest independent audit of the basin revealed that both the Sea Lion and Isobel Elaine oil fields hold half a billion barrels of recoverable oil reserves each.
“In our view, this new audit confirms the potential of the North Falklands to be a billion barrel basin”, the company Chief Executive Officer Simon Moody said.
Rockhopper Doubles Oil Reserve Estimates In Falklands
Within the basin, the company owns more than 50% of two licence areas estimated to hold a total of 747 million barrels of oil and gas reserves.
The independent audit was prepared by ERCE and follows a successful drilling programme which made new discoveries and concluded in February.
The resources are expected to be developed in two phases, with the first phase focusing on the resources in the northeast of the Sea Lion area. Phase 1 is expected to rely upon the operator, Premier Oil, and its plans to bring in an additional partner to share costs.
According to Premier, a 18-month FEED phase began in January, but the final investment decision for Sea Lion remains dependent upon “the evolution of project economics” and the outlook on oil prices.
A Billion Oil Barrel Basin
“The Sea Lion Complex itself holds over half a billion barrels with almost 270 million barrels of low risk near field upside, which we believe could be assessed with as few as 3 or 4 more optimally targeted wells”, Moody added.
“In addition, the Isobel Elaine discovery has the potential to be a third regional development potentially containing over 500 million barrels”, he stated further.
According to the executive, “a billion barrels of recoverable oil is within reach within the basin thanks to the outstanding track record of our sub surface team”.Last updated on 12:19PM - 18/05/16