The findings have been unveiled after geologists from the University of Aberdeen carried out a study of the latest seismic data supplied by the Oil and Gas Authority (OGA) and Petroleum Geo-Services (PGS).
Dr Nick Schofield, from the University's Department of Geology and Petroleum Geology, said analysing the data has discovered that past exploratory drilling has essentially been taking place in the wrong areas.
Previous attempts to find hydrocarbons in Rockall have been largely unsuccessful, with only one gas discovery out of 12 wells drilled.
However, researchers now believe misconceptions regarding the Basin's character, as well as challenging weather conditions and a lack of supporting infrastructure due to its remoteness, have hampered past exploration efforts.
Dr Schofield explained that one issue is the previous targeting of so-called 'bumps' in the sub-surface, commonly referred to in the industry as a 'four-way closure', where it is hoped oil has been trapped.
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"In the case of Rockall, these bumps, in many cases, appear to have actually been caused by volcanic intrusions in the sub-surface," he said.
"We believe that the oil and gas is more likely to have migrated to the outer fringes of Rockall instead, away from these previous exploration targets."
The study has identified the eastern edge of the Basin against the Outer Hebrides Shelf as an 'area of interest for future exploration activity'.
Nick Richardson, OGA Head of Exploration and New Ventures, said: "The seismic acquisition programme and subsequent work by Aberdeen and Heriot Watt Universities are an important part of our strategy to revitalise exploration.
"The findings of Dr Schofield's paper demonstrate the value in applying the latest geological knowledge and understanding to seismic data to increase industry's awareness of the opportunities that still exist in frontier areas."
Dr Schofield continued: "This analysis is very much a starter for ten in terms of our work to gain a clearer understanding of what's going on in Rockall, and we are using a variety of methods to build on what we have discovered so far.
"We have also collected data from an aerial drone we have used to map outcrops, for example Kilt Rock on the Isle of Skye, where the rock structure is similar to what you would find in the subsurface and helps us visualise what we can't see.
"What we are ultimately working towards is the most detailed geological understanding for Rockall which will be made freely available to industry as part of efforts to maximise economic recovery in the UKCS."
(LM/CD)
