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Rockhopper Exploration plc announced on 23 September 2022 the completion of a transaction, initially announced on 19 April 2022, enabling Harbour Energy plc to exit the North Falkland Basin. Navitas Petroleum LP's UK subsidiary has entered the North Falkland Basin, acquiring a 65% stake and operatorship in Rockhopper's licences PL003, PL004, PL005, PL0032, and PL0033, while Rockhopper retains a 35% interest in these licences and 100% ownership and operatorship of its South Falkland Basin licences PL011, PL012, and PL014.
| Date | 23 Sept 2022 |
| Time | 07:00:06 |
| Category | Corporate updates |
| ID | 3709A |
23 September 2022
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Sea Lion Update:
Navitas Transaction Completion
Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce that, further to the signing of definitive documentation as announced on 19 April 2022, the transaction enabling Harbour Energy plc ("Harbour") to exit and Navitas Petroleum LP through its UK subsidiary ("Navitas") to enter the North Falkland Basin with a 65% stake in, and operatorship of, all of Rockhopper's North Falkland Basin licences (the "Transaction"), has completed.
Licence ownership post Transaction completion
The table below shows the revised licence ownership post completion of the Transaction:
North Falkland Basin
|
Licence |
Rockhopper |
Navitas as Operator |
|
|
|
|
|
PL003 |
35% |
65% |
|
PL004 |
35% |
65% |
|
PL005 |
35% |
65% |
|
PL0032 |
35% |
65% |
|
PL0033 |
35% |
65% |
South Falkland Basin
|
Licence
|
Rockhopper as Operator |
|
|
|
|
|
|
PL011 |
100% |
|
|
PL012 |
100% |
|
|
PL014 |
100% |
|
Samuel Moody, CEO, commented:
"We are delighted to welcome Navitas to the North Falkland Basin as Operator of the Sea Lion development and wider acreage with all of its associated upside. We also thank both the Falkland Islands Government and Harbour for their work on this Transaction and look forward to working with Navitas to bring Sea Lion to fruition.
Sea Lion alone is capable of producing at over 120,000 barrels of oil per day with significant upside.
The proven oil and gas in the Falklands has the potential to form a material part of wider UK energy supply in a relatively short time frame, bringing with it huge potential security of supply and financial benefits for all stakeholders."
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Consulting)
Canaccord Genuity Limited (NOMAD and Joint Broker)
Henry Fitzgerald-O'Connor/Gordon Hamilton
Tel. +44 (0) 20 7523 8000
Peel Hunt LLP (Joint Broker)
Richard Crichton/Georgia Langoulant
Tel. +44 (0) 20 7418 8900
Vigo Consulting
Patrick d'Ancona/Ben Simons/Kendall Hill
Tel. +44 (0) 20 7390 0234
The information contained within this Announcement is deemed by Rockhopper Exploration plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").