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
HSBC is reportedly laying off about 100 of its senior investment bankers worldwide, as the banking giant strives to curb operating costs. According to reports, the London-headquartered bank will eliminate managing director and director level employees at the Global Banking and Markets division, as... Samsung Electronics Co., Ltd. (SMSN.L, SSNNF.OB, SSNLF.OB) will reportedly blame faulty batteries for last year's Galaxy Note 7 fiasco. According to a Wall Street Journal report, Samsung's investigation of Galaxy Note 7 smartphones found that some batteries were irregularly sized while others had... Federal investigators have closed their probe of a fatal crash that involved a Tesla Motors Inc. car eight months ago. The regulators said they have found no safety defects in the vehicle's automated driving system and that Tesla's Autopilot-enabled vehicles did not need to be recalled.
comments powered by Disqus
Follow RTT