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
Google is planning to significantly expand a carpool service on its navigational app Waze, according to a report in the Wall Street Journal. The move indicates the company is edging closer to a potential clash with ride-hailing service Uber Technologies Inc. Private equity firm Sycamore Partners has won the bankruptcy auction for the e-commerce business and intellectual property of U.S. women's apparel retailer The Limited with a bid of $26.8 million, Reuters reported, citing people familiar with the matter. A U.S. bankruptcy court judge must now approve the sale to Sycamore Partners. French telecommunications operator Orange SA reported Thursday higher net profit in its fiscal year 2016 mainly on income from discontinued operations. Operating income, meanwhile, declined, despite increased revenues. For fiscal 2017, the company projects higher adjusted EBITDA, a key earnings metric.
comments powered by Disqus
Follow RTT