Rockhopper stock jumps on new oil

Rockhopper Exploration’s stock price jumped to a three month mid-day high yesterday on the news that its latest well in the Falklands had carried out a successful flow test. Rockhopper […]

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By Vicky Ellis

Rockhopper Exploration’s stock price jumped to a three month mid-day high yesterday on the news that its latest well in the Falklands had carried out a successful flow test. Rockhopper had reported that its well on the Sea Lion prospect maintained a steady flow for 48 hours at a commercially viable rate.

The share price hit 305.75p before dropping back to 262.2p by close of play, reported City A.M.

Sam Moody, Chief Executive of Rockhopper said: “This very positive well test result is another key milestone in establishing Sea Lion commerciality. We will now review the wealth of data gathered during the testing process and continue our preparations for the next appraisal well on the field.”

The Sea Lion was the first oil discovery in the North Falkland Basin, bringing up the first oil to flow to surface in Falkland Islands waters in 2010.