Completion of disposal of Rockhopper Egypt Pty Ltd

RNS Number : 4208E

Rockhopper Exploration plc

28 February 2020

 

28 February 2020

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Completion of disposal of Rockhopper Egypt Pty Limited

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 satisfaction of the requisite conditions precedent, the disposal of Rockhopper Egypt Pty Limited to United Oil and Gas plc ("United") has now completed.

As previously announced, the US$16.0 million consideration payable to Rockhopper under the transaction comprises:

·   cash of $11.5 million; and

·   the issue of 114,503,817 Consideration Shares (at an issue price of 3 pence) representing approximately 18.5% of United's enlarged ordinary share capital.

Consideration Shares held by Rockhopper in United are subject to certain lock-up and orderly market disposal provisions for a period of up to 12 months from completion.

It is anticipated that Stewart MacDonald, Rockhopper's Chief Financial Officer, will be appointed as a non-executive director of United.

Hannam & Partners acted as financial adviser to Rockhopper in relation to this Transaction.

Enquiries:

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Stewart MacDonald - Chief Financial Officer

Tel. [phone] (via Vigo Communications)

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor/James Asensio

Tel. [phone]

Peel Hunt LLP (Joint Broker)

Richard Crichton

Tel. [phone]

Vigo Communications

Patrick d'Ancona/Ben Simons

Tel. [phone]

 

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