Extension of North Falkland Basin Licences

RNS Number : 2466R

Rockhopper Exploration plc

05 March 2021

 

5 March 2021

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Extension of North Falkland Basin Petroleum Licences

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, following discussions between the joint venture partners, Harbour Energy and the Falkland Islands Government ("FIG"), FIG has agreed to extend each of the Company's North Falkland Basin Petroleum Licences, including the Sea Lion Discovery Area, until 1 November 2022, with no additional licence commitments. The Licences were previously due to expire on 1 May 2021.

Samuel Moody, Chief Executive Officer, commented:

"The Company is grateful to the Falkland Islands Government for the extension of its North Falkland Basin licence interests and continued support of the Sea Lion project.

The proposed merger of Premier Oil and Chrysaor to create Harbour Energy brings a financially stronger operator to the project. This, combined with the proposed entry of Navitas Petroleum to Sea Lion, creates a solid operational and financial foundation giving the project the strongest possible chance of progressing."

Notes

The Company's working interests in North Falkland Basin Petroleum Licences are as follows:

Licence	Operator	Rockhopper WI
PL032 inc. Sea Lion Discovery Area	Premier Oil	40%*
PL033	Premier Oil	40%
PL003a	Rockhopper	95.5%
PL003b	Rockhopper	60.5%
PL004a	Premier Oil	64%**
PL004b	Premier Oil	64%*
PL004c	Premier Oil	64%*
PL005	Rockhopper	100%

* Reducing to 30% upon completion of the proposed farm-out to Navitas Petroleum LP

** Reducing to 30% upon exercise of option to be held by Navitas Petroleum LP under proposed farm-out

Enquiries:

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Stewart MacDonald - Chief Financial Officer

Tel. [phone] (via Vigo Communications)

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor/James Asensio

Tel. [phone]

Peel Hunt LLP (Joint Broker)

Richard Crichton

Tel. [phone]

Vigo Communications

Patrick d'Ancona/Ben Simons

Tel. [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

END

 

 

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