For immediate release: Friday, 23 August 2013
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Rockhopper notes statement regarding CGT from Falkland Islands Government
Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, is pleased to note the following statement released today by the Falkland Islands Government:
In response to reports in the UK press regarding Rockhopper Exploration's Financial Information release yesterday the Falkland Islands Government Treasury have released the following statement:
In accordance with usual practice the Falkland Islands Government Tax Office is reviewing the tax return submitted by Rockhopper on 17th May. However, given the extraordinary circumstances surrounding Rockhopper's application to the High Court to cancel its share premium account, an initial tax assessment was raised by the Falkland Islands Government Tax Office on 11th June prior to agreement of the tax liability. The Falkland Islands Government is working with an international specialist valuation advisor and is confident that a mutually acceptable outcome can be reached with Rockhopper.
Nicola Granger, Commissioner of Taxation, FIG
Ends.
Enquiries:
Rockhopper Exploration plc
Tel: 0207 016 9571
Sam Moody - Chief Executive (via Vigo Communications)
Peter Dixon-Clarke - Finance Director
Canaccord Genuity Limited (NOMAD and Joint Broker)
Tel: 0207 523 8000
Henry Fitzgerald-O'Connor
Vigo Communications
Tel: 0207 016 9571
Peter Reilly
Notes to Editors:
Rockhopper was established in February 2004 with a strategy to invest in and carry out offshore oil exploration to the north of the Falkland Islands. The Company floated on AIM in August 2005 with four offshore production licences: PL023, PL024, PL032 and PL033 which cover approximately 3,800 sq. km. Rockhopper has further smaller interests in licences PL003, PL004a and PL004c, which are operated by Desire Petroleum plc. Additionally, the Company has a significant interest in licence PL004b which contains the extension to the Sea Lion Field as well as the Beverley, Casper and Casper South discoveries.
An extensive work programme was carried out over a number of years on the licences operated by Rockhopper. This has included 2D and 3D seismic and controlled source electromagnetic mapping. In February 2010, the Ocean Guardian drilling rig arrived in Falkland waters to carry out a multi-well drilling campaign. Rockhopper drilled an exploration well on Sea Lion during April and May 2010, the result of which was the first oil discovery and Contingent Resource in the North Falkland Basin. The Sea Lion discovery was successfully tested during September 2010 and June 2011 and was the first oil to flow to surface in Falkland Islands waters. Rockhopper's drilling campaign lasted from 16 April 2010 to 8 January 2012 and resulted in seven successful wells of the ten drilled, with three oil discoveries, three gas discoveries, multiple successful Sea Lion appraisal wells and a successful appraisal well on Casper.
In October 2012 Rockhopper completed a farm-out agreement with Premier Oil plc, whereby Premier Oil acquired 60 per cent. of Rockhopper's interests in its North Falkland Basin licences, with a view to achieving first oil production from Sea Lion in 2018.
Rockhopper Exploration plc www.rockhopperexploration.co.uk
