Update on Contingent Consideration Offer

RNS Number : 7791L

Rockhopper Exploration plc

09 July 2014

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY RESTRICTED JURISDICTION OR WHERE IT WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF ANY SUCH JURISDICTION

RECOMMENDED CASH, SHARE AND CONTINGENT CONSIDERATION OFFER BY ROCKHOPPER EXPLORATION PLC ("ROCKHOPPER") FOR MEDITERRANEAN OIL & GAS PLC ("MOG")

UPDATE ON CONTINGENT CONSIDERATION OFFER

In relation to the terms of the proposed recommended acquisition by Rockhopper of the entire issued and to be issued share capital of MOG, MOG has informed Rockhopper that the rig used to drill the exploration well targeting the Hagar Qim prospect in Offshore Malta Area 4, Block 7 (MOG 25% working interest) completed operations on 7 July 2014 (the HQ Exploration Well Completion Date) and has now moved off location.

As announced by MOG on 3 July 2014, MOG has received formal notification from Phoenicia Energy Company Ltd (a wholly owned subsidiary of Genel Energy plc), the operator of Offshore Malta Area 4, Block 7 that the Hagar Qim-1 well has been drilled to the Eocene and plugged and abandoned with no indications of hydrocarbons.

As required by the terms of the acquisition, within one month of the HQ Exploration Well Completion Date, ERC Equipoise Limited will be instructed to produce a Competent Person's Report to validate the results of the well in line with Part IV - The Contingent Consideration Offer of the Scheme Document dated 20 June 2014.

Defined terms in the Scheme Document dated 20 June 2014 have the same meanings where used in this announcement.

Enquiries

Rockhopper Exploration plc	via Vigo Communications - 020 7016 9571
Sam Moody, Chief Executive
Stewart MacDonald, Chief Financial Officer
Canaccord Genuity Limited, NOMAD, broker and financial adviser to Rockhopper	020 7523 8000
Henry Fitzgerald-O'Connor
Neil Elliot
Vigo Communications, PR adviser to Rockhopper	020 7016 9571
Peter Reilly
Mediterranean Oil & Gas plc	020 7959 2322
Bill Higgs, Chief Executive
Chris Kelsall, Finance Director
RBC Europe Limited, Rule 3 adviser and joint broker to MOG	020 7653 4000
Jeremy Low
Matthew Coakes
Liberum Capital Limited, NOMAD, financial adviser and joint broker to MOG	020 3100 2222
Clayton Bush
Tim Graham
FTI Consulting, PR adviser to MOG	020 3727 1000
Ben Brewerton
Alex Beagley

 

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