Business
Annual Results for the year ended 31 December 2015
Annual Results for the year ended 31 December 2015.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 9965U Rockhopper Exploration plc 13 April 2016 \n\nRockhopper Exploration plc\n(\"Rockhopper\" or the \"Company\")\n \nAnnual Results for the year ended 31 December 2015\n \nRockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin and Greater Mediterranean region, is pleased to announce its results for the year ended 31 December 2015.\n \nHighlights\n \n· Significant progress in advancing the Sea Lion development\no Pre-FEED work for Phase 1 completed\no FEED contracts awarded to a set of world class contractors\no Modified project scope and cost improvements have enhanced project economics and lowered the break-even oil price\no Draft Field Development Plan submitted to the Falkland Islands Government\n· Material exploration successes at Zebedee and Isobel Deep\n· All-share merger with Falkland Oil & Gas Limited (\"FOGL\"), completed post the year end, \no Consolidates Rockhopper's leading North Falkland Basin acreage position\n· Significant production increase achieved in Greater Mediterranean portfolio\no Exit 2015 production rate in excess of 700 boepd\no Completion of Guendalina side track\no First gas achieved at the Rockhopper operated Civita field\n· Confirmation of Falkland Islands tax deferment\n· Balance sheet strength maintained with cash resources at 31 December 2015 of US$110 million\n \nPierre Jungels, Chairman of Rockhopper, commented:\n \n\"2015 has been transformational for your Company. Through our merger with Falkland Oil & Gas we have consolidated our leading acreage and resource position in the North Falkland Basin. Our exploration campaign has achieved significant success with multiple oil discoveries at Zebedee and Isobel Deep. The potential of the Isobel-Elaine complex, in a previously underexplored part of the basin, has been materially de-risked and supports management's view that the North Falkland Basin could ultimately deliver a billion barrels of recoverable oil. The Sea Lion project has entered FEED - another significant milestone on the path towards project sanction.\n...