Rockhopper Exploration plc Pre-emption of proposed acquisition in Egypt (3192A)
September 28 2015 - 2:01AM
UK Regulatory
TIDMRKH
RNS Number : 3192A
Rockhopper Exploration plc
28 September 2015
28 September 2015
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Pre-emption of proposed acquisition in Egypt
Rockhopper Exploration plc (AIM: RKH), the oil and gas
exploration and production company with interests in the North
Falkland Basin and the Greater Mediterranean region, announces the
following update in relation to the proposed acquisition of
production and exploration assets in Egypt as announced on 10
August 2015.
The Company has been informed by Beach Energy Limited that one
of the Abu Sennan joint venture parties has exercised its right of
pre-emption. The relevant condition in the Share Sale Agreement, as
set out in the announcement of 10 August 2015, is therefore
unlikely to be satisfied and, accordingly, the entire acquisition
is unlikely to proceed.
Sam Moody, CEO of Rockhopper, commented:
"We are clearly disappointed to have been pre-empted on the
proposed transaction. Nonetheless, the fact that one of the JV
partners has decided to pre-empt demonstrates that we have
successfully identified a good quality opportunity and been able to
negotiate the purchase on attractive terms.
We will continue to adopt a highly disciplined approach to
reviewing and evaluating growth opportunities in the Greater
Mediterranean and North Africa region."
For further information, please contact:
Rockhopper Exploration plc
Tel: (via Vigo Communications) - 020 7016 9571
Sam Moody - Chief Executive
Fiona MacAulay - Chief Operating Officer
Stewart MacDonald - Chief Financial Officer
Canaccord Genuity Limited (NOMAD and Joint Broker)
Tel: 020 7523 8000
Henry Fitzgerald-O'Connor
Liberum Capital (Joint Broker)
Tel: 020 3100 2227
Clayton Bush
Vigo Communications
Tel: 020 7016 9571
Peter Reilly
Patrick d'Ancona
This information is provided by RNS
The company news service from the London Stock Exchange
END
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