Rockhopper Exploration plc AGM Statement (4982O)
18 May 2018 - 4:00PM
UK Regulatory
TIDMRKH
RNS Number : 4982O
Rockhopper Exploration plc
18 May 2018
18 May 2018
Rockhopper Exploration plc
("Rockhopper" or the "Company")
AGM Statement
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, will hold its
Annual General Meeting ("AGM") in London later today.
David McManus, Chairman of Rockhopper, will make the following
statement at the AGM:
"Over the course of 2017, Rockhopper has continued to balance
the progression of its world-class Sea Lion project in the North
Falkland Basin with building a material production base in the
Greater Mediterranean, and with an ongoing focus on cost
control.
"2018 has the potential to be transformational with all efforts
focused on securing the funding required to sanction the Sea Lion
project and move into the development phase.
"The selection of the main contractors for the project, and
finalising letters of intent to underpin the contractual
arrangements and the provision of vendor funding for $400 million,
is near completion. Following a comprehensive commercial bank
market engagement process, with a number of banks expressing a
desire to support the project, a pathfinder bank will be appointed
imminently to assist with the arrangement of senior debt facilities
for the project.
"With Brent oil prices currently above US$75 per barrel,
combined with the cost efficiencies secured through FEED and
engagement with the contractors, the economics for the Sea Lion
project are highly attractive.
"Our Greater Mediterranean portfolio continues to meet its
primary objective, namely to provide a production and cash flow
base to fund our corporate and operating costs and protect our
balance sheet. Balance sheet cash is preserved for capital
investment, primarily in the Falkland Islands.
"Looking forward, we have an exciting four-well drilling
campaign in Egypt, expected to commence in mid-2018, with a
combination of infill development and exploration across our Abu
Sennan and El Qa'a Plain interests.
"In March 2017, we commenced international arbitration
proceedings against the Republic of Italy in relation to the
Ombrina Mare field. The hearing has been scheduled for early
February 2019 with an outcome expected in mid-2019. Rockhopper
believes it has strong prospects of recovering very significant
monetary damages - on the basis of lost profits - as a result of
the Republic of Italy's breaches of the Energy Charter Treaty. All
costs associated with the arbitration are funded on a non-recourse
("no win - no fee") basis from a specialist arbitration funder.
"We look forward to providing further updates as we progress
through this exciting phase for the Company."
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7830 9704 (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 7830 9704
This information is provided by RNS
The company news service from the London Stock Exchange
END
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