Rockhopper Exploration plc Letter of Intent signed (8518D)
February 05 2018 - 2:00AM
UK Regulatory
TIDMRKH
RNS Number : 8518D
Rockhopper Exploration plc
05 February 2018
5 February 2018
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Letter of Intent signed with Diamond Offshore Drilling
Rockhopper Exploration plc (AIM: RKH), the oil and gas company
with key interests in the North Falkland Basin and the Greater
Mediterranean region, is pleased to provide the following update
relating to Sea Lion Phase 1, in the North Falkland Basin (RKH 40%
working interest).
Rockhopper announces that a Letter of Intent ("LOI") has been
entered into with Diamond Offshore Drilling ("Diamond") for the
provision of a suitable drilling unit for the Sea Lion Phase 1
development. The LOI grants a period of exclusivity until 31
December 2018 during which time the joint venture will negotiate
binding documentation based on agreed principles for the provision
of the drilling unit and vendor financing.
Samuel Moody, Chief Executive of Rockhopper, commented:
"2018 has already seen material progress made on our work in
moving Sea Lion closer to sanction. We are delighted to have been
able to enter into this LOI with Diamond with whom we enjoyed a
fantastically successful, safe and cost-effective drilling campaign
in the Falklands during 2010 and 2011. We believe that teaming up
with Diamond is a significant step in our continued progress
towards sanction with our partner Premier Oil. Having already
signed LOIs for the provision of well services and logistical
support, focus now moves to the sub-sea equipment suppliers where
we hope to make progress during the remainder of Q1 as we continue
discussions on the senior debt element of the financing plan."
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7830 9704 (via Vigo Communications)
Canaccord Genuity Limited (NOMAD and Joint Broker)
Henry Fitzgerald-O'Connor
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 7830 9704
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 company news service from the London Stock Exchange
END
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