Last checked at 5 Mar 2021 07:00
5 March 2021
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Extension of North Falkland Basin Petroleum Licences
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 that, following discussions between the joint venture partners, Harbour Energy and the Falkland Islands Government ("FIG"), FIG has agreed to extend each of the Company's North Falkland Basin Petroleum Licences, including the Sea Lion Discovery Area, until 1 November 2022, with no additional licence commitments. The Licences were previously due to expire on 1 May 2021.
Samuel Moody, Chief Executive Officer, commented:
"The Company is grateful to the Falkland Islands Government for the extension of its North Falkland Basin licence interests and continued support of the Sea Lion project.
The proposed merger of Premier Oil and Chrysaor to create Harbour Energy brings a financially stronger operator to the project. This, combined with the proposed entry of Navitas Petroleum to Sea Lion, creates a solid operational and financial foundation giving the project the strongest possible chance of progressing."
Notes
The Company's working interests in North Falkland Basin Petroleum Licences are as follows:
Licence | Operator | Rockhopper WI |
PL032 inc. Sea Lion Discovery Area | Premier Oil | 40%* |
PL033 | Premier Oil | 40% |
PL003a | Rockhopper | 95.5% |
PL003b | Rockhopper | 60.5% |
PL004a | Premier Oil | 64%** |
PL004b | Premier Oil | 64%* |
PL004c | Premier Oil | 64%* |
PL005 | Rockhopper | 100% |
* Reducing to 30% upon completion of the proposed farm-out to Navitas Petroleum LP
** Reducing to 30% upon exercise of option to be held by Navitas Petroleum LP under proposed farm-out
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive Officer
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Communications)
Canaccord Genuity Limited (NOMAD and Joint Broker)
Henry Fitzgerald-O'Connor/James Asensio
Tel. +44 (0) 20 7523 8000
Peel Hunt LLP (Joint Broker)
Richard Crichton
Tel. +44 (0) 20 7418 8900
Vigo Communications
Patrick d'Ancona/Ben Simons
Tel. +44 (0) 20 7390 0234
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").