Rockhopper Exploration plc Impact of COVID-19 (7151G)
March 19 2020 - 3:00AM
UK Regulatory
TIDMRKH
RNS Number : 7151G
Rockhopper Exploration plc
19 March 2020
19 March 2020
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Impact of COVID-19
Rockhopper Exploration plc (AIM: RKH), the oil and gas
exploration and production company with key interests in the North
Falkland Basin, provides the following update in response to
current market uncertainty related to COVID-19 and commodity price
weakness.
In January 2020, Rockhopper and Premier Oil announced that a
detailed Heads of Terms had been signed with Navitas Petroleum to
farm in for a 30 per cent interest in the Sea Lion project. Good
progress has been made during the first quarter of 2020 to convert
the Heads of Terms into fully documented agreements. Despite the
current oil price weakness, all parties remain committed to the
finalisation of the Navitas farm out agreement with completion
subject to agreed consents and approvals.
With the Company's modest presence in Italy already having been
substantially scaled back, the Company's day to day operations
remain unaffected by the spread of COVID-19 with necessary
contingency measures in place.
Recent initiatives by the Company, including the sale of
Rockhopper Egypt Pty Limited together with the legally binding
Heads of Terms signed with Premier Oil place the Company in a
relatively stable financial position with cash at 13 March 2020 of
approximately US$23 million (unaudited), no debt and with limited
exposure to future development costs (excluding licence fees,
taxes, costs incurred prior to 1 January 2020 and project wind down
costs) at Sea Lion. The Company continues to actively manage its
corporate costs with G&A in 2019 of approximately US$5.3
million (unaudited).
In addition, the Company confirms that it intends to announce
its full-year 2019 results on or around 7 April 2020.
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive Officer
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Communications)
Canaccord Genuity Limited (NOMAD and Joint Broker)
Henry Fitzgerald-O'Connor/James Asensio
Tel. +44 (0) 20 7523 8000
Peel Hunt LLP (Joint Broker)
Richard Crichton
Tel. +44 (0) 20 7418 8900
Vigo Communications
Patrick d'Ancona/Ben Simons
Tel. +44 (0) 20 7390 0234
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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