Sea Lion Update

RNS Number : 3709A

Rockhopper Exploration plc

23 September 2022

 

23 September 2022

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Sea Lion Update:

Navitas Transaction Completion

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, further to the signing of definitive documentation as announced on 19 April 2022, the transaction enabling Harbour Energy plc ("Harbour") to exit and Navitas Petroleum LP through its UK subsidiary ("Navitas") to enter the North Falkland Basin with a 65% stake in, and operatorship of, all of Rockhopper's North Falkland Basin licences (the "Transaction"), has completed. 

Licence ownership post Transaction completion

The table below shows the revised licence ownership post completion of the Transaction:

North Falkland Basin

Licence	Rockhopper	Navitas as Operator
PL003	35%	65%
PL004	35%	65%
PL005	35%	65%
PL0032	35%	65%
PL0033	35%	65%

South Falkland Basin

Licence	Rockhopper  as Operator
PL011	100%
PL012	100%
PL014	100%

Samuel Moody, CEO, commented:

"We are delighted to welcome Navitas to the North Falkland Basin as Operator of the Sea Lion development and wider acreage with all of its associated upside. We also thank both the Falkland Islands Government and Harbour for their work on this Transaction and look forward to working with Navitas to bring Sea Lion to fruition.

Sea Lion alone is capable of producing at over 120,000 barrels of oil per day with significant upside.

The proven oil and gas in the Falklands has the potential to form a material part of wider UK energy supply in a relatively short time frame, bringing with it huge potential security of supply and financial benefits for all stakeholders."

Enquiries:

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Tel. [phone] (via Vigo Consulting)

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor/Gordon Hamilton

Tel. [phone]

Peel Hunt LLP (Joint Broker)

Richard Crichton/Georgia Langoulant

Tel. [phone]

Vigo Consulting

Patrick d'Ancona/Ben Simons/Kendall Hill

Tel. [phone]

The information contained within this Announcement is deemed by Rockhopper Exploration plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

 

END

 

 

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