(Alliance News) - Rockhopper Exploration PLC on Thursday said day-to-day operations are unaffected by Covid-19 after the oil and gas explorer scaled back work in Italy.
Rockhopper added an agreement for Navitas Petroleum LP to farm-in for a 30% stake at the Sea Lion project in the Falkland Islands has made "good progress".
Navitas will take a 30% stake, Rockhopper will also hold a 30% interest after the deal, with operator Premier Oil PLC holding the remaining 40%.
Rockhopper added: "Despite the current oil price weakness, all parties remain committed to the finalisation of the Navitas farm-out agreement with completion subject to agreed consents and approvals.
Oil prices plunged earlier in March after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.
On Thursday afternoon, Brent was quoted at USD26.17 a barrel.
Rockhopper added: "With the company's modest presence in Italy already having been substantially scaled back, the company's day to day operations remain unaffected by the spread of Covid-19 with necessary contingency measures in place."
Shares in the company were 3.5% higher at 4.32 pence each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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