logo
Share SHARE
FONT-SIZE Plus   Neg

Rockhopper Signs Farm-in Agreement For Certain Falkland Islands Licences

Rockhopper Exploration Plc (RKH.L), an oil and gas exploration company, Monday responded to Falkland Oil & Gas Limited's (FKL.L) announcement, confirming that the farm-out negotiations in connection with the Falkland Islands licences PL004a and PL004c have been completed.

Rockhopper stated that, as announced on October 3, the company and Premier Oil Exploration and Production Limited signed heads of agreement with Falkland with respect to a farm-out by Falkland of licences PL004a and PL004c.

The Farm-out is with respect to licences in which Desire held working interests of 92.5 percent. and 75 percent, respectively. The company noted that following the scheme of arrangement between Falkland and Desire becoming effective, the binding Farm-out Agreement has now been signed by all parties.

Subject to certain standard conditions in the Farm-out Agreement, Rockhopper and Premier have now farmed in to the Licences. Following this, Rockhopper's interest in the Licences has risen to 24 percent. Both Premier and Rockhopper will fund Falkland's share of the cost of two exploration wells, one on each of the Licences.

Rockhopper said it is anticipated that these two wells will be included in the next drilling campaign, which is expected to commence in late 2014 or early 2015, and will target the Isobel/Elaine and Jayne prospects.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Taiwanese electronics assembler Foxconn Technology Group has replaced 60,000 workers at a factory in China with robots, according to a report in the South China Morning Post. However, the company, which is a major supplier to Apple and Samsung, expects to maintain a significant workforce in China. Netflix Inc. and movie studio Disney are finally taking their deal that was announced in 2012 to the next level. The online movie rental service will become the exclusive U.S. pay-TV home of the latest films from Disney, Marvel, Lucasfilm and Pixar. Abercrombie & Fitch Co. (ANF) reported a GAAP net loss attributable to company of $39.6 million for the first quarter ended April 30, 2016 compared to a loss of $63.2 million, last year. Excluding certain items last year, net loss attributable to Abercrombie & Fitch Co. increased $2.4 million. Net...
comments powered by Disqus
Follow RTT