Rockhopper , find more oil.
February 12, 2011 § Leave a Comment
Well is not commercial though.
· 64m good quality gross reservoir encountered
· 7.3m net pay with low oil saturation
· Live oil recovered to surface from MDT
· Well, on a stand-alone basis, considered to be uncommercial
· Results considered technically encouraging for reservoir development within Sea Lion
The pay zone may just mean that they have found one edge of the reservoir. So not all bad.
I’m considering buying in at 290p as that would currently be the reversal point on the P&F chart.
Though the break down of the trend lines on the Candle chart would suggest that there is a likelihood of a massive sell off, especially if you consider the possibility of a head and shoulders pattern.
- The RockHopper Cautionary Tale Part 2. (brokermandaniel.com)
- UPDATE 1-Rockhopper says rig on way to 2nd Falklands well (reuters.com)
- Desire Falkland Oil Find May Fan U.K., Argentina Feud (businessweek.com)