RKH.GB Rockhopper Exploration

TIDMRKH

RNS Number : 3709A

Rockhopper Exploration plc

23 September 2022

23 September 2022

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Sea Lion Update:

Navitas Transaction Completion

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce that, further to the signing of definitive documentation as announced on 19 April 2022, the transaction enabling Harbour Energy plc ("Harbour") to exit and Navitas Petroleum LP through its UK subsidiary ("Navitas") to enter the North Falkland Basin with a 65% stake in, and operatorship of, all of Rockhopper's North Falkland Basin licences (the "Transaction"), has completed.

Licence ownership post Transaction completion

The table below shows the revised licence ownership post completion of the Transaction:

North Falkland Basin

 
 Licence    Rockhopper   Navitas as Operator 
 
 PL003         35%               65% 
 PL004         35%               65% 
 PL005         35%               65% 
 PL0032        35%               65% 
 PL0033        35%               65% 
 

South Falkland Basin

 
              Rockhopper 
   Licence     as Operator 
 
 PL011            100% 
 PL012            100% 
 PL014            100% 
 

Samuel Moody, CEO, commented:

"We are delighted to welcome Navitas to the North Falkland Basin as Operator of the Sea Lion development and wider acreage with all of its associated upside. We also thank both the Falkland Islands Government and Harbour for their work on this Transaction and look forward to working with Navitas to bring Sea Lion to fruition.

Sea Lion alone is capable of producing at over 120,000 barrels of oil per day with significant upside.

The proven oil and gas in the Falklands has the potential to form a material part of wider UK energy supply in a relatively short time frame, bringing with it huge potential security of supply and financial benefits for all stakeholders."

Enquiries:

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Tel. +44 (0) 20 7390 0234 (via Vigo Consulting)

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor/Gordon Hamilton

Tel. +44 (0) 20 7523 8000

Peel Hunt LLP (Joint Broker)

Richard Crichton/Georgia Langoulant

Tel. +44 (0) 20 7418 8900

Vigo Consulting

Patrick d'Ancona/Ben Simons/Kendall Hill

Tel. +44 (0) 20 7390 0234

The information contained within this Announcement is deemed by Rockhopper Exploration plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

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END

UPDSEMFMEEESELU

(END) Dow Jones Newswires

September 23, 2022 02:00 ET (06:00 GMT)

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