Rockhopper Exploration Plc announced that production levels from its Egyptian asset improved as oil prices rose. Net output from Rockhopper’s Abu Sennan concession has been standing at 880 barrels per day (b/d) of oil, since the end of 2017, according to Stock Market Wire.
The company has obtained a joint venture approval to drill one exploration well in Prospect S and two development wells as well as one water injection program for the Al Jahraa field, Abu Sennan concession, Interactive Investor (II) reported.
Following the joint venture approval, Rockhopper is expected to spud its commitment well Raya-1X in the second quarter of 2018, targeting the Nukhul Formation reservoir.
Rockhopper announced receiving a gross payment from the Egyptian General Petroleum Corporation (EGPC), of $3 million, as a part of the outstanding receivable balance.
At February 23rd, Rockhopper’s EGPC unaudited receivable balance recorded approximately $4.3 million.