Bloomberg News

Rockhopper Rises Most in 3 Months on Falklands Oil Discovery

November 09, 2011

(Closes share price in second paragraph.)

Nov. 9 (Bloomberg) -- Rockhopper Exploration Plc, the only company that has found a potentially commercial oil field near the Falkland Islands, gained the most in almost three months in London after announcing a second discovery in the area.

Rockhopper climbed 16 percent to 252.75 pence, the biggest gain since Aug. 9. The 14/10-9 exploration well “penetrated multiple targets,” with a new discovery, known as Casper, the company said today in a statement.

“We are delighted to be able to confirm our second oil discovery in the basin along with another successful appraisal well on Sea Lion,” Chief Executive Officer Samuel Moody said.

Rockhopper, named after the penguins that populate the U.K. islands off the coast of Argentina, in October increased its estimate of reserves at the Sea Lion site to as much as 1.4 billion barrels of oil in place.

--Editor: Will Kennedy

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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