ROCKHOPPER Exploration, the oil and gas explorer, pressed ahead with its hunt for oil in the North Falklands, after drilling its third appraisal well on the Sea Lion Discovery feature last week.
The group told investors yesterday that it had spudded the well on 15 July and expected to complete the drilling within five weeks.
Located 4.1km west of the original discovery well, the group will Investigate reservoir and hydrocarbon in what will be the first test outside of the 155m barrel minimum case area.
Rockhopper, which was founded in 2004 to hunt for oil and gas in the Falkland Islands, made its first discovery last year followed by a “significant” oil and gas discovery at the Sea Lion field earlier this year.
Shares in the company closed at 219p falling 3.68 per cent, however, surprising analysts. Canacord Genuity expect the share price to move closer to their pricetarget of 593p as Rockhopper continues to make progress in its drilling campaign.