Business
Acquisition of production & exploration assets
Acquisition of production & exploration assets.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 4476V Rockhopper Exploration plc 18 April 2016 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY RESTRICTED JURISDICTION OR WHERE IT WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF ANY SUCH JURISDICTION\n \n18 April 2016\n \nRockhopper Exploration plc\n\"Rockhopper\" or the \"Company\"\n \nAcquisition of non-operated production and exploration assets in Egypt\n \nRockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to announce amended terms for the acquisition of a portfolio of non-operated production and exploration interests in Egypt (the \"Interests\") from Beach Energy Limited (\"Beach Energy\") (the \"Acquisition\").\n \nThe Company originally announced that it had agreed terms with Beach Energy on the Acquisition in August 2015. However, due to the exercise by one of the partners of pre-emption rights on the Abu Sennan concession, as announced in September 2015, it was not possible to complete the Acquisition on the original terms. \n \nThe Company believes the amended terms of the Acquisition, announced today, which now exclude any share consideration, represent a material improvement in the prospective value of the transaction for Rockhopper shareholders.\n \nHighlights\n \n· Rockhopper to acquire the entire issued share capital of Beach Petroleum (Egypt) Pty Limited (\"Beach Egypt\") which on completion will hold:\no 22% interest in the Abu Sennan concession; and \no 25% interest in the El Qa'a Plain concession\n \n· Cash consideration for the Acquisition of approximately US$11.9 million, payable on completion. No share consideration. Beach Energy retains the economic benefit of the EGPC receivable as at 31 December 2015, being approximately US$8.6 million (see Financial Information below)\n \n· In addition, on the date of entering into the amended Acquisition agreement, Rockhopper has agreed the terms of a non-binding letter of intent with Dover Petroleum Corporation (\"Dover\"), an affiliate of an existing partner in the Abu Sennan concession, for the sale by Rockhopper of a 5% interest in the Abu Sennan concession (t...