Rockhopper Exploration plc Sea Lion Update (6842M)
September 23 2021 - 2:00AM
UK Regulatory
TIDMRKH
RNS Number : 6842M
Rockhopper Exploration plc
23 September 2021
23 September 2021
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Sea Lion Update
Rockhopper Exploration plc (AIM: RKH), the oil and gas
exploration and production company with key interests in the North
Falkland Basin, notes the announcement this morning by Harbour
Energy plc ("Harbour") regarding its decision not to proceed with
the Sea Lion project.
The Sea Lion project (with independently audited 2C resources in
excess of 500 million barrels) was discovered and appraised by
Rockhopper as Operator with 100%. The Company has unrivalled
knowledge of Sea Lion and the North Falkland Basin having held the
acreage since 2004, and plans to continue to pursue the development
of Sea Lion.
Rockhopper confirms that it is in discussions with Navitas
Petroleum LP ("Navitas") around its potential entry to the Sea Lion
project following Harbour's decision not to proceed. Rockhopper
notes that Navitas and partners have recently raised project
financing in excess of $900 million and taken final investment
decision on the 330 million barrel deep water Shenandoah project in
the US Gulf of Mexico.
The previously announced Heads of Terms with Premier Oil and
Navitas will expire on 30 September 2021 (unless extended by mutual
consent before that date). If the Heads of Terms expire, Harbour
will have an initial 90 days to elect how to proceed with their
exit. Rockhopper will continue to be funded (excluding licence
fees, taxes and project wind down costs) by Harbour during that
period under the terms announced on 7 January 2020 and 30 April
2020.
Rockhopper will now work with Harbour and the Falkland Islands
Government to ensure an orderly exit by Harbour from the Falkland
Islands.
A further update will be provided in due course.
Sam Moody, CEO of Rockhopper, commented:
"This represents both a difficult moment for Rockhopper and a
huge opportunity. Whilst we are disappointed that Harbour has
decided to not to proceed with Sea Lion, we remain committed to
unlocking its development.
"Navitas' recent financing on its Shenandoah project
demonstrates that funding remains available to independent E&Ps
in the international markets for large-scale offshore oil
developments and we very much look forward to working with them to
progress Sea Lion."
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive Officer
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Consulting)
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 Consulting
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").
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END
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