27 Aug 2020 17:00
27 August 2020
Rockhopper Exploration plc
("Rockhopper or the "Company")
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Disposal of shareholding in United Oil & Gas plc
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Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce the disposal of its entire shareholding in United Oil & Gas plc ("United").
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The transaction involves the sale of 114,503,817 ordinary shares in United at a disposal price of 2.66 pence per share for total gross proceeds of approximately £3.0 million (approximately US$4.0 million). The disposal price represents a 6.7 per cent discount to yesterday's closing price of United's shares.
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The sale proceeds will be used to strengthen the Company's balance sheet.
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Sam Moody, Chief Executive Officer, commented:
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"The monetisation of our entire shareholding in United after a short holding period of under six months strengthens our balance sheet at a particularly challenging time for the sector. It also crystallises a strong cash return of $15.5 million from an original investment of $11.9 million four years ago, which has also generated $4 million of free cash flow during our period of ownership."
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Enquiries:
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Rockhopper Exploration plc
Sam Moody - Chief Executive Officer
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Communications)
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Canaccord Genuity Limited (NOMAD and Joint Broker)
Henry Fitzgerald-O'Connor/James Asensio
Tel. +44 (0) 20 7523 8000
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Peel Hunt LLP (Joint Broker)
Richard Crichton
Tel. +44 (0) 20 7418 8900
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Vigo Communications
Patrick d'Ancona/Ben Simons
Tel. +44 (0) 20 7390 0234
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").