Rockhopper Exploration PLC - oil & gas company with interests in the North Falkland Basin and Greater Mediterranean regions - Revenue for 2020 falls to USD2.8 million from USD10.3 million, and pretax loss widens sharply to USD236.4 million from USD20.6 million. Books impairment of exploration and evaluation assets of USD223.3 million, from just USD350,000 a year ago. "The decision was made, in line with the operator, to write off historic exploration costs associated with the resources which will not be developed as part of the Sea Lion Phase 1 project," the company says. Revenue during year relates entirely to the sale of oil and natural gas in the Greater Mediterranean, Egypt and Italy, region, and year-on-year revenue reduction reflects sale of its Egypt portfolio in February 2020 as well as a decline in production and gas prices in Italy.
"The company will continue to work closely with all stakeholders to maximise the chance of securing the Navitas farm out and project sanction of Sea Lion. The board believes that the opportunity to invest in a world-scale fully appraised and engineered project with material additional upside at this point in the cycle presents a compelling opportunity," says Chair Keith Lough.
Current stock price: 9.2 pence, down 4.7% on Wednesday
Year-to-date change: up 48%
By Lucy Heming;Â lucyheming@alliancenews.com
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Rockhopper (RKH)