StockMarketWire.com - Rockhopper Exploration said it had discovered a potential new oil-producing section at its assets in Egypt.

The company said its Al Jahraa 6 well was successful, not only in its primary objective as an infill oil producer.

The well had also encountered good oil shows in the Abu Roash-D, E, G and made a new oil discovery in the deeper Bahariya section.

The Bahariya formation was put on test on 22 September and, after clean-up, was producing in excess of 550 barrels of oil per day with a stable water cut of 22%.

That represented the first commercial oil production from the Bahariya formation within the Abu Sennan concession.

Current production from the concession was around 3,800 barrels of oil per day, in line with rates for the first half of 2018.

'We are delighted to have made real progress with this drilling programme in Egypt and particularly to have produced commercial volumes of oil from the Bahariya formation for the first time,' chief executive Sam Moody said.

'With an improved payment situation as well, we are pleased with recent activities on our Egyptian acreage, and we look forward to the rest of the ongoing exploration programme.'


At 9:18am: [LON:RKH] Rockhopper Exploration PLC share price was +0.05p at 31.75p



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