4 February 2014
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Board change
Rockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, announces that Dr John Summers has been appointed to the Board as a Non-Executive Director.
This appointment follows that of Keith Lough, also as a Non-Executive Director, as the Company looks to fulfil its commitment to first class corporate governance by ensuring the Board's continued independence and effectiveness are maintained by the appointment of new members of the highest quality whilst directors of long tenure step down. In this regard, John Crowle who was appointed as Non-Executive Director in 2005 will retire before the next AGM, having served a term approaching the nine years considered by the UK Corporate Governance Code to be relevant to the determination of a director's independence.
Dr Arthur John Summers (aged 58) is a geologist with degrees from the University of Liverpool. He worked for British Gas / BG Group for 29 years holding a variety of roles from Exploration Manager, Vice President Exploration, Chief Geologist, General Manager Technology and Performance and VP New Ventures. He was a member of the Exploration Management team that delivered world-leading exploration performance for over a decade. He also served in Non-Executive roles at Composite Energy, The Industry Technology Facilitator (ITF) and was a Trustee of the BG Group Final Salary Pension Scheme.
The Company can confirm that Peter Dixon-Clarke, Finance Director, has now stepped down from the Board but will continue to act in an interim consultancy role for the Company to ensure continuity within the finance department. The Company is at an advanced stage in the search for a new Finance Director.
Pierre Jungels, Rockhopper Exploration's Chairman said:
"I am delighted that, with John Summers' appointment, we have made another very strong addition to the Board. John's track record in - and enthusiasm for - the global exploration and production industry will assist us greatly as we move the Company forward over the coming years, and look forward to another drilling campaign in the Falklands. Following the discovery, successful appraisal and subsequent farm-out of the Sea Lion oil field, the Company has been putting in place the foundations for the next stage of its development. In addition to the two non-executive appointments, this includes the recently announced appointment of Fiona MacAulay as COO and the upcoming appointment of a new CFO.
I would also take this opportunity to thank John Crowle and Peter Dixon-Clarke for their long and unstinting service as members of the Board."
The following information regarding Dr Summers ' appointment is disclosed pursuant to Schedule two, paragraph (g) of the AIM Rules or Companies.
Current directorships: |
|
AJ Summers LTD Former directorships (past 5 years): BG Group DB Pension Scheme Composite Energy Limited The Industry Technology Facilitator |
|
There is no other information required to be disclosed under Schedule two, paragraph (g) of the AIM Rules for Companies.
Ends.
Contacts:
Rockhopper Exploration plc
Tel: 0207 016 9571
Sam Moody - Chief Executive (via Vigo Communications)
Canaccord Genuity Limited (NOMAD and Joint Broker)
Tel: 0207 523 8000
Henry Fitzgerald-O'Connor
Vigo Communications
Tel: 0207 016 9571
Peter Reilly
Patrick d'Ancona
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.
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% of Rockhopper's interests in its North Falkland Basin licences.
In October 2013 Rockhopper agreed with Falkland Oil and Gas to farm-in to licences PL004a and PL004c increasing the Company's interest in those licences to 24%.
Rockhopper currently has a 40% interest in licences PL032 and PL033 operated by Premier Oil plc, and a 24% interest in licences PL004a, PL004b and PL004c, which are operated by Falkland Oil & Gas Limited. PL004b contains the extension to the Sea Lion Field as well as the Beverley, Casper and Casper South discoveries. Rockhopper also has a 3% interest in PL003, operated by Premier Oil plc.
Rockhopper Exploration plc www.rockhopperexploration.co.uk
