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Tuesday, February 27, 2018
Rockhopper Exploration updated its activities in Egypt, specifically on the Abu Sennan and El Qa’a concessions. On the Abu Sennan, where Rockhopper holds a 22% interest, current production has been maintained from end-2017 levels at approximately 4,000 boepd gross. H2 2017 production exceeded budgeted expectations through continuous production optimization, primarily at the El Salmiya field.
According to Rockhopper, a full review of the prospect and lead inventory for the Abu Sennan concession was completed in November 2017 and has high graded targets for exploratory drilling. Following JV approval, an active program has been agreed for 2018 including the drilling of one exploration well (Prospect S), two development wells and a water injection program targeting the Al Jahraa field.
Prospect S is an opportunity in the adjacent fault block to the Al Jahraa field. It has a similar tilted fault block trap and is targeting the same Abu Roash reservoirs that produce at Al Jahraa. The development program at the Al Jahraa field is designed to increase reserves and field production rates.
Subject to securing a suitable rig, drilling is expected to commence in April 2018 for approximately six months with total capital expenditure, net to Rockhopper’s 22% interest, of approximately $3 million.
Rockhopper holds a 25% working interest in the El Qa’a concession where in 2015/16 the first 3D seismic on the concession was acquired and processed, in addition to a number of new 2D lines. Horizon mapping on the new data has been integrated with vintage data, and a basin modelling study has been completed across the concession. As a result, and following joint venture approval, commitment well Raya-1X is expected to be spudded in Q2 2018. This well will target the Nukhul Formation reservoir, known from the Gulf of Suez, in a tilted fault block structure, close to where oil has been tested from the same formation.
Expenditures on the El Qa’a Plain concession, net to Rockhopper’s 25% interest, are anticipated to be less than $1 million.
The company also commented on its receivables owed to it in Egypt, stating that it recently received a gross payment of $3 million from EGPC towards its outstanding balance. As of February 23,Rockhopper’s EGPC receivable balance was approximately $4.5 million. Since the completion of the acquisition of Beach Egypt in August 2016, gross payments from EGPC have been around $12.5 million, significantly in excess of the $7.2 million invoiced.
Under the terms of the acquisition of Beach Egypt, a proportion of any payments received are paid to Beach Energy until their historic receivable position is satisfied. Following the latest payment received from EGPC, no further payments are due to Beach Energy.
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