Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to provide a progress update regarding its Sea Lion development (the “Project”), in line with updates being provided today by Premier Oil plc (Project operator).

Highlights

  • Through the post-FEED optimisation process, the Project has been substantially de-risked from a technical, cost and schedule perspective
  • Resources to be developed in Phase 1 of the Project have increased from 220 to 250 million barrels (gross) with associated capex to first oil estimated at approximately US$1.8 billion (gross)
  • Key service and supply contracts are nearing final agreement in preparation for execution at Project sanction
  • Continued focus on securing senior debt funding ahead of final investment decision
  • Preliminary Information Memorandum (“PIM”) and comprehensive set of independent expert reports, which formed the basis of a financing guarantee application package for the senior debt component of the Project financing, were submitted to potential senior lenders including export credit agencies in July 2019

Sam Moody, CEO of Rockhopper, commented:

“The Project continues to build momentum with significant progress being made across key areas, all with the aim of moving into the execution phase post sanction. The PIM submission in late July has kicked off the formal application process for the senior debt financing guarantees for which we expect initial feedback in Q4 2019.”

Enquiries:

Rockhopper Exploration plc

Sam Moody – Chief Executive
Stewart MacDonald – Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Communications)

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O’Connor/James Asensio
Tel. +44 (0) 20 7523 8000

Peel Hunt LLP (Joint Broker)

Richard Crichton
Tel. +44 (0) 20 7418 8900

Vigo Communications

Patrick d’Ancona/Ben Simons
Tel. +44 (0) 20 7390 0234

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).