Farm-in Agreement signed

RNS Number : 9830U

Rockhopper Exploration plc

09 December 2013

 



9 December 2013

ROCKHOPPER EXPLORATION PLC

("Rockhopper")

Signing of Definitive Farm-in Agreement to PL004a and PL004c, North Falkland Basin

Rockhopper Exploration notes this morning's announcement by Falkland Oil & Gas Limited ("FOGL") confirming that the farm-out negotiations in connection with the Falkland Islands licences PL004a and PL004c have been completed.

As announced on 3 October 2013, Rockhopper and Premier signed heads of agreement ("Heads of Agreement") with FOGL with respect to a farm-out (the "Farm-out") by FOGL of licences PL004a and PL004c (the "Licences"). The Farm-out is with respect to licences in which Desire held working interests of 92.5 per cent. and 75 per cent. respectively. Following the Scheme of Arrangement between FOGL and Desire becoming effective, the binding Farm-out Agreement has now been signed by all parties.

Subject to certain standard conditions in the Farm-out Agreement, Premier and Rockhopper have now farmed in to the Licences and as a result, Rockhopper's interest in the Licences has risen to 24 per cent.  Premier and Rockhopper will fund FOGL's share of the cost of two exploration wells, one on each of the Licences.

It is anticipated that these two wells will be included in the next drilling campaign, which is expected to commence in late 2014 or early 2015, and will target the Isobel/Elaine and Jayne prospects

Enquiries

Rockhopper Exploration plc

Tel: (via Vigo Communications) - 020 7016 9571

Sam Moody - Chief Executive

Peter Dixon-Clarke - Finance Director

Fiona MacAulay - Technical Director

Richard Slape - IR & Business Development Manager

Canaccord Genuity Limited (NOMAD and Joint Broker)

Tel: [phone]

Henry Fitzgerald-O'Connor

Vigo Communications

Tel: [phone]

Peter Reilly

Patrick d'Ancona

 

END

 

 

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