20 December 2016
Abu Sennan, Egypt (RKH 22% working interest)
During the second half of 2016, both the Al Jahraa SE-1X exploration well and the ASH-1X ST2 development wells were brought onto production with additional zones in the wells to be brought into production at a later date.
A new development lease of c.30 square km was awarded around the Al Jahraa SE-1X well with EGPC attributing gross reserves of over 9 MMSTB to the development area.
Subject to Operating Committee approval, the Company expects two firm development wells to be drilled on the Al Jahraa field during the first half of 2017. These wells are aimed at maintaining production levels by offsetting natural decline from existing wells within the concession.
In addition, the Company imminently expects to receive final ratification for a 5-year extension to the Abu Sennan exploration licence. Once approved, the Company will undertake to participate in at least two exploration wells over the next 3 years at a commitment (net to Rockhopper's 22% working interest) of approximately $1.3 million.
Sam Moody, CEO, commented:
"We have significantly increased production and cash flow in the Greater Mediterranean region and see further scope to materially grow that business in 2017.
TEKMOR note: Click the linkfor the full press release. Above you read only Egypt related material.