Rockhopper Group has 100% of 4 licences in the North Falkland Basin, PL023, PL024, PL032 and PL033, between them covering an area of approximately 3800 sq. km.

PL023 and PL024 are in shallow water (all less than 200m) and are situated relatively close to the Islands. The company has completed 2 separate 2D seismic surveys and 4 CSEM lines on this acreage. In addition, the Ernest target was drilled in 2010. The first 3D survey over the area is being collected at present.

PL032 and PL033 were previously licensed to Shell and are located in water depths of less than 550m. The company has completed a 3D seismic survey during 2006 and drilled one well on the Sea Lion target during 2010. The Sea Lion well (14/10-2) was an oil discovery and was subsequently flow tested during 2010. The company intends to drill a number of additional wells on this acreage during 2011. A second 3D survey is being collected on the acreage at present.

Rockhopper has also farmed in to licences PL03 and PL04 which are operated by Desire Petroleum.