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(Alliance News) - Rockhopper Exploration PLC on Thursday said the deadline to seal a farm-in agreement at the Sea Lion project in the Falkland Island has been extended.
Back in January, heads of terms have been signed with Navitas Petroleum LP, which is taking a 30% stake in the project. Rockhopper will hold 30% after the deal, and operator Premier Oil PLC 40%.
The deadline to get a deal over the line has been extended to the earliest of either December 31, or when a definitive transaction document is executed, this is tipped to happen around the third quarter of 2020.
"In addition, the effective date of the farm-in proposed in the January heads of terms will now be amended from March 1, 2020 to the date on which the Falkland Islands government approves Navitas becoming a licencee," Rockhopper said, adding it targets government approval around the fourth quarter of the year.
Rockhopper shares were 1.3% higher at 6.43 pence each in London on Friday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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