Rockhopper Exploration (RKH) released an update in relation to its Egyptian portfolio.
Production from its Abu Sennan concession produced 3,800 barrels of oil per day, with 840 bopd going towards Rockhopper via its 22% working interest.
The company’s Al Jahraa-6 well was also successful as an Abu Roash-C infill oil producer, as well as encountering good oil shows in Abu Roash D, E and G. It also made a new oil discovery in the deeper Bahariya section, producing over 550 bopd with a stable water cut of 22%.
It added that the Bahariya discovery de-risks additional exploration targets at the same levels elsewhere in the concession.
Its Al Jahraa-10 field development well was drilled into the Abu Roash-F formation, and reached oil pay in the Abu Roash-C and D levels, with operations ongoing to test both levels and put it into initial production.
The company’s exploration well ASZ-1X was spudded on 8 November 2018 and is the first of two commitment wells to be drilled in the new concession, which is targeting the Abu Roash-C reservoir sand that produces in the neighbouring field.
Sam Moody, Chief Executive of Rockhopper, commented: "We are delighted to have made real progress with this drilling programme in Egypt and particularly to have produced commercial volumes of oil from the Bahariya formation for the first time.”
He added: “With an improved payment situation as well, we are pleased with recent activities on our Egyptian acreage, and we look forward to the rest of the ongoing exploration programme."
The company also announced it is experiencing an improving payment situation with a number of payments being received recently – as of October approximately $1.9m in receivables were owed to the company.
Shares in the oil and gas company slightly rose in the morning following the update. It has key interests in the North Falkland Basin and the Greater Mediterranean region.
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