Long Term Incentive Plan

RNS Number : 0459C

Rockhopper Exploration plc

11 March 2014

 

Date: 11 March 2014

Rockhopper Exploration plc ("Rockhopper" or the "Company")

Long Term Incentive Plan

Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, announces that on 10 March 2014, Stewart MacDonald, who has joined the Company as Chief Financial Officer, was granted an option over 201,117 Shares in the Company under the terms of the Company's Long Term Incentive Plan (LTIP) which was approved by shareholders at the Annual General Meeting held on Thursday 26 September 2013 (the "AGM").

The award is structured as a nil-cost option and will normally vest on 31 March 2016 subject to continued employment. The percentage of awards which will vest will be dependent on total shareholder return measured against a peer group of companies over a three year period ending 31 March 2016.

Performance measurement for these awards will be based on the Company's average share price over the 90 day dealing period to 31 March 2013 measured against the 90 day dealing period up to 31 March 2016.

There is an additional performance target which requires that the Company's share price must exceed £1.80 over the 90 day dealing period to 31 March 2016 in order for these awards to vest. Once vested the awards will normally remain exercisable for a period of seven years subject to the rules of the LTIP regarding leavers. 

A summary of the LTIP is included in the AGM notice which can be found on the Company's website. 

Ends.

For further information, please contact:

Rockhopper Exploration plc

Tel: (via Vigo Communications) - 020 7016 9571

Sam Moody - Chief Executive

Canaccord Genuity Limited (NOMAD and Joint Broker)

Tel: [phone]

Henry Fitzgerald-O'Connor

Liberum Capital (Joint Broker)

Tel: [phone]

Clayton Bush

Vigo Communications

Tel: [phone]

Peter Reilly

Patrick d'Ancona

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.

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% of Rockhopper's interests in its North Falkland Basin licences.

In October 2013 Rockhopper agreed with Falkland Oil and Gas to farm-in to licences PL004a and PL004c increasing the Company's interest in those licences to 24%.

Rockhopper currently has a 40% interest in licences PL032 and PL033 operated by Premier Oil plc, and a 24% interest in licences PL004a, PL004b and PL004c, which are operated by Falkland Oil & Gas Limited. PL004b contains the extension to the Sea Lion Field as well as the Beverley, Casper and Casper South discoveries. Rockhopper also has a 3% interest in PL003, operated by Premier Oil plc.

Rockhopper Exploration plc www.rockhopperexploration.co.uk

 

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