AGM Statement

RNS Number : 9340O

Rockhopper Exploration plc

26 September 2013

 



For immediate release: 26 September 2013

Rockhopper Exploration plc

("Rockhopper" or the "Company")

AGM Statement

At today's Annual General Meeting ("AGM"), the Chairman and Chief Executive will make a presentation to shareholders. The presentation and the Chairman's speech will be placed on the Company's website following the meeting. www.rockhopperexploration.co.uk 

The only new information to be provided in that presentation is related to the Company's Capital Gains Tax discussions with the Falkland Islands Government (FIG).  The approach to valuation methodology has now been agreed between the parties meaning that the main area for discussion will be the discount rate applied to the non-cash consideration. The Company continues to move forward the discussions with FIG and remains confident that a resolution will be found in due course which both parties will find acceptable.

Ends.

Enquiries:

Rockhopper Exploration plc

Tel: [phone]

Sam Moody - Chief Executive (via Vigo Communications)

Peter Dixon-Clarke - Finance Director

Canaccord Genuity Limited (NOMAD and Joint Broker)

Tel: [phone]

Henry Fitzgerald-O'Connor

Vigo Communications

Tel: [phone]

Peter Reilly

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 with four offshore production licences: PL023, PL024, PL032 and PL033 which cover approximately 3,800 sq. km. Rockhopper has further smaller interests in licences PL003, PL004a and PL004c, which are operated by Desire Petroleum plc. Additionally, the Company has a significant interest in licence PL004b which contains the extension to the Sea Lion Field as well as the Beverley, Casper and Casper South discoveries.

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 per cent. of Rockhopper's interests in its North Falkland Basin licences, with a view to achieving first oil production from Sea Lion in 2018.

Rockhopper Exploration plc

Website:  www.rockhopperexploration.co.uk

Follow us on Twitter: @rockhopperexplo

 

END

 

 

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