Embargoed for release 7.00 am: 11 July 2014
Rockhopper Exploration plc ("Rockhopper" or the "Company")
Confirmation of FEED contract for Sea Lion
Rockhopper Exploration plc is pleased to confirm that Premier Oil, operator of the Sea Lion field in the North Falkland Basin in which Rockhopper holds a 40 per cent interest, has now formally awarded the Tension Leg Platform (TLP) Front End Engineering and Design (FEED) contract to AMEC.
As Premier confirmed in its recent IMS, pre-development activities on the Sea Lion project continue to progress, and on the TLP, following the functional specification and basis of design being finalized, the award of the FEED contract to AMEC has now been made. In the second half of the year, a geotechnical survey will be performed at the Sea Lion location and the results of this will be incorporated into the FEED process, which is expected to take around 12 months to complete.
Sam Moody, CEO, commented:
"We are delighted that the FEED contract for the Sea Lion field has been formally awarded to a world class engineering firm such as AMEC. This is a highly significant milestone in our plans to develop the discovery and comes on the back of our recent announcement that a rig has been signed to undertake a new exploration drilling campaign in the North Falkland Basin early next year. We look forward to continuing to work closely with Premier as we move the Sea Lion project towards Final Investment Decision."
Ends.
For further information, please contact:
Rockhopper Exploration plc
Tel: (via Vigo Communications) - 020 7016 9571
Sam Moody - Chief Executive
Canaccord Genuity Limited (NOMAD and Joint Broker)
Tel: 020 7523 8000
Henry Fitzgerald-O'Connor
Liberum Capital (Joint Broker)
Tel: 020 3100 2227
Clayton Bush
Vigo Communications
Tel: 020 7016 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 well was successfully tested during September 2010 and resulted in the first flow of oil to surface in Falkland Islands waters. Rockhopper's drilling campaign lasted from 16 April 2010 to 8 January 2012. Of the ten wells drilled, seven were successful, 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 and a 24% interest in licences PL004a, PL004b and PL004c, all of which are operated by Premier Oil. 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 Falkland Oil & Gas.
Rockhopper Exploration plc www.rockhopperexploration.co.uk
