Rockhopper Exploration plc Sea Lion farm-in update (8365G)
November 30 2020 - 2:00AM
UK Regulatory
TIDMRKH
RNS Number : 8365G
Rockhopper Exploration plc
30 November 2020
30 November 2020
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Sea Lion farm-in update
Rockhopper Exploration plc (AIM: RKH), the oil and gas
exploration and production company with key interests in the North
Falkland Basin, is pleased to provide the following update in
relation to the previously announced farm-in to the Sea Lion
project by Navitas Petroleum LP ("Navitas").
Following the announcement of the proposed merger of Premier Oil
plc ("Premier") and Chrysaor Holdings Limited , Navitas has
confirmed that it remains committed to the proposed farm-in. In
order to enable the merger to complete and the new management of
the combined entity to make a firm decision on the Sea Lion
project, Rockhopper, Premier and Navitas have agreed to extend the
exclusivity period for the farm-in to the earlier of (i) 30
September 2021; (ii) the execution of definitive transaction
documents, or (iii) a decision by Navitas not to proceed with the
farm-in. During this period, Rockhopper's share of Sea Lion project
costs will continue to be borne by Premier under the same terms as
previously announced.
Discussions are also continuing with the Falkland Islands
Government around a possible extension to licences PL004 and PL032
which currently expire in May 2021.
Samuel Moody, Chief Executive Officer, commented:
"We will work closely with all stakeholders over the coming
months to maximise the chance of securing the farm out and project
sanction of Sea Lion. We believe that the opportunity to invest in
a 500 million barrel fully appraised and engineered project with
material additional upside at this point in the cycle presents a
compelling opportunity, and one which would lead us towards
unlocking the value within the project long-awaited by all
stakeholders."
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
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").
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUKAORRSUAUAA
(END) Dow Jones Newswires
November 30, 2020 02:00 ET (07:00 GMT)
Rockhopper Exploration (AQSE:RKH.GB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rockhopper Exploration (AQSE:RKH.GB)
Historical Stock Chart
From Jul 2023 to Jul 2024