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LONDON (Alliance News) - Rockhopper Exploration PLC on Thursday swung to a loss in 2017, though revenue rose, as it progresses work in the Falkland Islands and the Mediterranean.
Rockhopper posted a pretax loss of USD9.0 million for 2017 after a profit of USD98.0 million the year before.
However, 2016 included a gain of GBP111.8 million from excess of fair value over cost. Without that, the pretax loss in 2016 was USD13.8 million.
Rockhopper's revenue increased to USD10.4 million in 2017 from USD7.4 million.
The focus in 2017, the company said, was progressing its "world class" Sea Lion project in the North Falkland basin with ongoing cost control. "Material" progress was made on the project, and a final investment decision is due by the end of 2018 with financial close scheduled for the first half of 2019.
In the Mediterranean, where Rockhopper has assets in both Italy and Egypt, Rockhopper's net working interest production averaged 1,200 barrels of oil equivalent a day, compared 800 barrels of oil a day in 2016.
It is due to start a four-well drilling campaign in Egypt in the second quarter of 2018.
Chairman David McManus said: "Significant progress has been made in 2017 to advance and execute the contracting strategy and financing plan for the Sea Lion phase one development.
"In the greater Mediterranean, the company has successfully established a portfolio that provides a low-cost, short-cycle production base which has delivered record revenues and operating cash flows in 2017 and more than covered the group's substantially reduced G&A costs."
McManus added: "As we advance through 2018, Rockhopper is highly focused on securing the funding required to be in a position to reach a final investment decision on the Sea Lion project by the end of the year and move into the development phase. With Brent oil prices currently above USD 70 per barrel, combined with the cost efficiencies secured through FEED and engagement with the contractors, the economics for the project are highly attractive."
Shares were up 2.8% on Thursday at 25.20 pence each.
