At a glance
- 20% working interest
- Northern Adriatic
- 2018 production 180 boepd
- 100% working interest
- Onshore gas production
- 2018 production 130 boepd
(excluding pipeline disruption)
- International arbitration commenced
- Outcome expected late Q3/early Q4 2019
- 23% working interest
- ~250 mmbbl oil prospect (resource)
- 23% chance of success
Guendalina, Italy (20% working interest)
Production decline at Guendalina continued to be broadly in line with expectations during 2018 with production over the period averaging approximately 30,000 standard cubic metres (“scm”) per day of gas net to Rockhopper (approximately 180 boe per day). Plant availability over the period continued to be strong with production from the side-track well in 2015 continuing to make a material contribution to field production. Efforts continue with the operator to manage declining production levels as well as reduce operating costs.
Civita, Italy (100% working interest)
In February 2018, a depressurisation event occurred at the Civita pipeline and, as a result, production was suspended. Following remedial works and reinstatement of the pipeline, production recommenced in July 2018 at pre-incident levels of approximately 20,000 scm per day of gas (approximately 130 boe per day).
As described later in the Financial Review, the Company agreed in June 2017 the terms for the disposal of a package of non-core interests in Italy, including the Civita field, to Cabot Energy plc. However, following failure to satisfy all relevant conditions precedent, including receipt of requisite regulatory approvals in Italy, the Company and Cabot have mutually agreed not to proceed with the transaction.
Monte Grosso, Italy (23% working interest)
Rockhopper transferred the operatorship of the Serra San Bernado permit (which contains the Monte Grosso prospect) to Eni during 2016. Since that time, options for the design of a well on the Monte Grosso prospect have been explored and work undertaken to secure the permits and approvals required to drill a well.
However, on 12 February 2019, the Italian government introduced certain further changes to oil and gas law through the “Sustainable Energy Bill”. These changes include, amongst other things, a temporary suspension on exploration activities including the drilling of exploration wells. Discussions are ongoing between the Serra San Bernado joint venture partners to agree a forward plan.