Rockhopper Exploration Provides Final Results

Source: www.gulfoilandgas.com 6/6/2014, Location: South America

Rockhopper Exploration plc announced its final results for the twelve months ended 31 March 2014.

Operational and Financial Highlights

During the Period:

·Joint venture estimates of mid-case contingent resources strengthened:
o Phase 1: Sea Lion Main Case ("SLMC") (with gas cap) 293 mmbbls PL032 only
o Phase 2: SLMC and Satellites within PL004 c.100 mmbbls
o If no gas cap a further 65 mmbbls recovered in phase 1

·Concept selection achieved: Tension Leg Platform ("TLP") concept selected following rigorous evaluation process

·Increased exposure to highly prospective exploration acreage through farm-in to sub-areas PL004a and PL004c providing us with 24% equity interest across licence PL004 and access to the highest graded prospectivity

·Board strengthened
o Fiona MacAulay promoted to Chief Operating Officer and Stewart MacDonald appointed Chief Financial Officer
o Two highly experienced industry non-executive directors also added to the board

·Capital gains tax liability agreed in principle deferring tax payment until the first royalty payment on Sea Lion is due

·Cash balance at 31 March 2014 of $247 million

Post 31 March 2014:

·Rig secured for four well exploration drilling campaign in North Falkland Basin to commence in Q2 2015

·Recommended offer for Mediterranean Oil & Gas plc

Pierre Jungels, Chairman of Rockhopper, commented:

"The year ahead has the potential to be transformational for your company. With a rig secured, a four well exploration drilling programme in 2015 is now assured. The Sea Lion development remains central to our strategy and delivery of the project is our highest priority and the achievement of a final investment decision on the project will be significant value milestone for our company. The recently announced recommended offer for Mediterranean Oil & Gas plc represents the first step in the next phase of the company's growth."


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