Last checked at 1 Feb 2013 07:00
1 February 2013
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Grant of Share Appreciation Rights
Rockhopper Exploration plc announces the grant of share appreciation rights ('SARs') relating to the Company's ordinary shares of 1 pence each ('Ordinary Shares') to two of its Directors under the terms of the Company's existing Unapproved Employee Share Option Scheme.
Name of Executive | Position | Total number of Shares comprised in the SAR | SARs (% of current issued ordinary share capital) | Total SARs outstanding | Total SARs (% of current issued ordinary share capital)
|
Sam Moody | Chief Executive Officer
| 208,176 | 0.07% | 1,391,047 | 0.49% |
Peter Dixon-Clarke
| Finance Director
| 141,509 | 0.05% | 700,833 | 0.25% |
The base price of the SARs awarded on 30 January 2013 was 159 pence per Ordinary Share (being the official closing price of an Ordinary Share on the dealing day immediately preceding the date of grant).
The Company's Remuneration Committee has made this annual award of SARs subject to certain performance conditions which must be satisfied in whole or in part for the SARs to vest. The Remuneration Committee will decide the percentage of SARs to vest or lapse as at 31 December 2013.
Enquiries:
Rockhopper Exploration plc | via M: Communications |
Sam Moody, Chief Executive | |
Canaccord Genuity (Nomad and Joint Broker) | +44 (0) 20 7523 8000 |
Henry Fitzgerald-O'Connor / Rob Collins | |
M: Communications |
+44 (0)20 7920 2340 |
Patrick d'Ancona / Ben Simons | |
Notes to Editors:
Rockhopper was established in February 2004 with a strategy to invest in and carry out offshore oil exploration to the north of the Falkland Islands. The Company floated on AIM in August 2005 with four offshore production licences: PL023, PL024, PL032 and PL033 which cover approximately 3,800 sq. km. Rockhopper has further smaller interests in licences PL003, PL004a and PL004c, which are operated by Desire Petroleum plc. Additionally, the Company has a significant interest in licence PL004b which contains the extension to the Sea Lion Field as well as the Beverley, Casper and Casper South discoveries.
An extensive work programme was carried out over a number of years on the licences operated by Rockhopper. This has included 2D and 3D seismic and controlled source electromagnetic mapping. In February 2010, the Ocean Guardian drilling rig arrived in Falkland waters to carry out a multi-well drilling campaign. Rockhopper drilled an exploration well on Sea Lion during April and May 2010, the result of which was the first oil discovery and Contingent Resource in the North Falkland Basin. The Sea Lion discovery was successfully tested during September 2010 and June 2011 and was the first oil to flow to surface in Falkland Islands waters. Rockhopper's drilling campaign lasted from 16 April 2010 to 8 January 2012 and resulted in seven successful wells of the ten drilled, with three oil discoveries, three gas discoveries, multiple successful Sea Lion appraisal wells and a successful appraisal well on Casper.
In October 2012 Rockhopper completed a farm-out agreement with Premier Oil plc, whereby Premier Oil acquired 60 per cent. of Rockhopper's interests in its North Falkland Basin licences, with a view to achieving first oil production from Sea Lion in 2017.
Rockhopper Exploration plc www.rockhopperexploration.co.uk