28 September 2015
Rockhopper Exploration plc
("Rockhopper" or the "Company")
Pre-emption of proposed acquisition in Egypt
Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with interests in the North Falkland Basin and the Greater Mediterranean region, announces the following update in relation to the proposed acquisition of production and exploration assets in Egypt as announced on 10 August 2015.
The Company has been informed by Beach Energy Limited that one of the Abu Sennan joint venture parties has exercised its right of pre-emption. The relevant condition in the Share Sale Agreement, as set out in the announcement of 10 August 2015, is therefore unlikely to be satisfied and, accordingly, the entire acquisition is unlikely to proceed.
Sam Moody, CEO of Rockhopper, commented:
"We are clearly disappointed to have been pre-empted on the proposed transaction. Nonetheless, the fact that one of the JV partners has decided to pre-empt demonstrates that we have successfully identified a good quality opportunity and been able to negotiate the purchase on attractive terms.
We will continue to adopt a highly disciplined approach to reviewing and evaluating growth opportunities in the Greater Mediterranean and North Africa region."
For further information, please contact:
Rockhopper Exploration plc
Tel: (via Vigo Communications) - 020 7016 9571
Sam Moody - Chief Executive
Fiona MacAulay - Chief Operating Officer
Stewart MacDonald - Chief Financial Officer
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
