Farm-in Letter of Intent

RNS Number : 9039Y

Rockhopper Exploration plc

11 September 2009

 



PRESS RELEASE

11 September 2009

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

Farm Out - Letter of Intent

Rockhopper Exploration, the North Falkland Basin oil and gas explorer, is pleased to announce that it has agreed terms with a third party energy company for a farm-in to one of the Company's licences, through a contribution, at a promote, to the costs of drilling one well on the licence and to certain back costs.  A Letter of Intent to farm in has been signed and discussions continue to progress the agreement this into a fully binding joint venture.

The Letter of Intent and any subsequent agreement remains subject to certain approvals by the Falkland Islands Government and both parties. A further announcement, including the terms of the proposed farm in, will be made once the necessary approvals are in place.

Rockhopper also welcomes the announcement made yesterday by Desire Petroleum plc ('Desire') regarding a Letter of Intent it has signed with Diamond Offshore Drilling for the hire of a rig for a North Falkland Basin drilling campaign commencing in February 2010, where a minimum of 4 wells will be drilled and additional slots may be available for Desire and/or its partners.  The Company hopes to drill a minimum of two wells on its operated acreage (owned 100%) as part of this larger campaign with Desire.

For further information, please contact:

Rockhopper Exploration plc           www.rockhopperexploration.co.uk 

Sam Moody - Managing Director         01722 414 419

Aquila Financial Ltd                          www.aquila-financial.com 

Peter Reilly                                          0118 979 4100

Canaccord Adams Limited

Jeffrey Auld / Elijah Colby                    020 7050 6500

Henry Fitzgerald-O'Connor

Notes to editors

www.rockhopperexploration.co.uk 

The Rockhopper Group started trading in February 2004 to invest in and carry out an offshore oil exploration programme to the north of the Falkland Islands. The Group, floated on AIM in August 2005, is currently the largest licence holder in the North Falkland Basin and has a 100 per cent. interest in four offshore production licences which cover approximately 3,800 sq. km. These licences have been granted by the Falkland Islands government.

 

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