Rockhopper moves rig to second Falklands well

The market value of Rockhopper continues to rise over £600 million following news of a rig deployment at its second Falklands well.

Rockhopper Exploration has confirmed that the Ocean Guardian drilling rig is being moved to the second of its prospects in the North Falklands basin.

The British company said that once the rig is in place at the Ernest prospect, drilling of the 26/6-1 well should take about 30 days.

Rockhopper's Sea Lion find earlier this year was the first oil discovery of any exploration programme in the North Falklands basin, with reserves reported to be larger than expected.

The Ocean Guardian rig is due to return to the Sea Lion 14/10-2 well to conduct tests on the oil discovery following drilling at Ernest.

Reuters Africa said shares in Rockhopper were trading up 1.5 per cent at 318 pence at 14:18 GMT today (July 21st), valuing the company at over £600 million compared with a market value of £37 million prior to the news of the first oil find in May.

The Ocean Guardian rig was previously used by Desire Petroleum for the unsuccessful Liz well, which was the first to be drilled as part of the Falklands programme.