Rockhopper gains as much as 20%

Rockhopper Exploration (RKH) gained as much as 20% (and has now settled 16% up) this afternoon as Desire Petroleum (DES) issued another news release about the Liz well saying that the well was being plugged and abandoned as a gas discovery. DES said that 17 metres of net  "hydrocarbon pay' were encountered between 2961 and 3031 metres but the reservoir quality was poor. The Ocean Guardian rig is now moving to the Rockhopper's Sea Lion site and spudding is expected towards the end of the week. After rising as much as 20% on the news,  2/3 of the Rockhopper position and the Falklands Oil and Gas (FOGL) position were closed for solid profits as results from the Rockhopper well will not be available for around a month following the spud.