Rockhopper Exploration (AIM: RKH) issued further details of drilling results from the 14/10-2 well in the Sea Lion prospect offshore Falkland Islands, where initial date indicated the presence of oil, as announced yesterday.
In a follow-up statement, Rockhopper said additional logging data focused on determining reservoir quality have been successfully collected. The data confirm 53 metres of net pay in multiple zones, with the thickest sand confirmed at approximately 25 metres net pay.
Average porosity is 19 percent, with peaks of 28 percent. The logs further show excellent permeability, and no oil/water contact has been encountered.
The company will now proceed with additional log analysis and collect fluid samples. It plans to run a liner to allow the well to be suspended for future testing. Rockhopper is also considering whether to drill an appraisal well on the Sea Lion target later in the drilling campaign.
Managing director Samuel Moody commented: "These are further encouraging results; the logs clearly indicate that we have encountered a high quality reservoir interval with very good porosity and permeability. This increases the likelihood that we will return to this well later during the campaign to carry out a flow test."
Shares in the group had rocketed yesterday after the announcement that the well had encountered oil. It was up more than 40 percent by late afternoon on the latest news.
Shares in other oil and gas junior with interests in the Falklands had moved higher yesterday on the news: Desire Petroleum (LSE:DES) Borders & Southern (LSE:BOR) and Falkland Oil & Gas (LSE:FOGL) which is focused on the South Falkland Basin.