Last checked at 6 Jan 2016 07:00
6 January 2016
Rockhopper Exploration plc
"Rockhopper" or the "Company"
Ombrina Mare Project Update
Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with interests in the North Falkland Basin and Greater Mediterranean region, provides the following update on the status of the Ombrina Mare project offshore Italy.
The Italian Parliament has approved the 2016 Budget Law which reintroduces restrictions on offshore oil and gas activity including the general ban on exploration and production activity within 12 nautical miles of the coast of Italy. This restriction was originally introduced in 2010 and repealed in 2012.
Certain exceptions apply for existing production concessions and none of the Company's other interests in Italy, including the Guendalina gas field, are expected to be impacted by this new legislation. The Budget Law came into force on 1 January 2016.
At the same time, Rockhopper has been granted a 12 month extension to the suspension of the Ombrina Mare exploration permit to 31 December 2016. Ombrina Mare is located within the 12 mile limit and the Company is conducting an in depth review of this new legislation, how the exploration permit is affected and its impact on the Ombrina Mare project.
Enquiries
For further information, please contact:
Rockhopper Exploration plc
Tel: (via Vigo Communications) - 020 7016 9571
Sam Moody - Chief Executive
Fiona MacAulay - Chief Operating Officer
Stewart MacDonald - Chief Financial Officer
Canaccord Genuity Limited (NOMAD and Joint Broker)
Tel: 020 7523 8000
Henry Fitzgerald-O'Connor
Liberum Capital (Joint Broker)
Tel: 020 3100 2227
Clayton Bush
Neil Elliot
Vigo Communications
Tel: 020 7016 9571
Peter Reilly
Patrick d'Ancona