At a glance
- 20% working interest
- Northern Adriatic production
- Currently producing ~500 boepd (H1 2016)
- 100% working interest
- Central Adriatic appraisal
- Arbitration process under review
- 100% working interest
- Onshore gas production
- Currently producing ~145 boepd (H1 2016)
- 23% working interest
- Exploration stage
- ~250 mmbbl oil prospect
- 23% chance of success
Guendalina (Rockhopper 20%)
Operated by Eni, the Guendalina gas field located in the Northern Adriatic, has been in production since October 2011.
On 1 September 2015, the Company announced that operations to undertake a side track well at Guendalina had begun. The well, which was drilled on time and on budget, reached a planned total depth of 3,276 metres. All target horizons within the Pliocene were gas-bearing and penetrated in an up-dip position with anticipated reservoir characteristics. Additionally, two deeper gas levels were encountered and perforated as part of the dual string completion.
The rig moved off location on 4 November 2015 and production from the field stabilised at approximately 88,000 scm per day net to Rockhopper (580 boe per day), representing an increase of 190% from the last reported rates of approximately 200 boe per day net. During H1 2016, the field was producing approximately 500 boe per day net to Rockhopper.
Ombrina Mare (Rockhopper 100%)
Operated by Rockhopper, the Ombrina Mare oil and gas discovery is an appraisal/development project located in the Central Adriatic, approximately six miles from the Abruzzo coastline.
In August 2015, the Italian Government announced that the Environmental Impact Assessment (“EIA”) of the Ombrina Mare Field Development Plan (including the ‘Autorizzazione Integrata Ambientale’ (Integrated Environmental Authorisation) (“AIA”)) had been approved by both the Minister for the Environment and by the Ministry of Cultural Heritage. The EIA decree had been formally gazetted and was awaiting the approval of the Ministry of Economic Development as the next step in the process to award the Ombrina Mare Production Concession.
However, in early January 2016, the Italian Parliament approved the 2016 Budget Law which reintroduced restrictions on offshore oil and gas activity including the general ban on exploration and production activity within 12 nautical miles of the coast of Italy. This restriction was originally introduced in 2010 and repealed in 2012.
On 3 February 2016, the Company announced that it had been informed by the Ministry of Economic Development that, following the re-introduction of the ban on exploration and production activity within 12 nautical miles of the coast of Italy, the Production Concession covering the Ombrina Mare Field Area would not be awarded.
The Company is now considering its options which include both a claim for damages and compensation against the Republic of Italy under international treaties for the protection of foreign investments, and in particular the arbitration process provided for under the Energy Charter Treaty.
Civita (Rockhopper 100%)
Operated by Rockhopper, the Civita gas field located onshore Abruzzo, came into production in November 2015.
The field was commissioned at a rate of 12,500 scm per day before increasing to a stabilised flow rate of approximately 25,000 scm per day (approximately 160 boe per day) at the end of November 2015.
During H1 2016, the field was producing approximately 145 boe per day net to Rockhopper.
Monte Grosso (Eni 23%)
Operated by Eni, the Monte Grosso oil prospect is located in the Southern Apennine thrust-fold belt on trend with Val D’Agri and Tempa Rossa, in the largest onshore oil production and development area in Western Europe. Monte Grosso remains one of the largest undrilled prospects onshore Western Europe. Rockhopper has transferred operatorship of the licence to Eni which is hoped will accelerate the regulatory and permitting process to enable drilling.