Rockhopper's shares soar following oil hit

A company which struck oil off the coast of the Faulkland Islands has seen its shares soar as a result.

Shares in Rockhopper Exploration have risen 9.3 per cent following the announcement today (December 13th) that oil had been found in the well off the north coast.

The 14/15-4 exploration well penetrated the Beverley, Casper South, Casper and Sea Lion reservoirs and according to the company, oil or gas has been found in all four fields.

It suggested that the Sea Lion Main Complex held the most potential.

"This fantastic result from our most aggressive well of the campaign will further increase our minimum estimates of oil in place for Sea Lion and Casper, in addition to proving two new discoveries in Beverley and Casper South, which is our third oil discovery in the Basin," Rockhopper's chief executive Sam Moody said in a statement.

In October, Gulfsands made a potential oil discovery in Tunisia, which it suggested could have global implications.

Posted by Lauren Steadman