Business
Farm-in update
Farm-in update.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n Rockhopper Exploration plc\n04 November 2005\n\n\n\nPRESS RELEASE\n\nFor immediate release: 4 November 2005\n\nRockhopper Exploration plc\n\n Farm In to Desire Petroleum acreage - update\n\nOn 14th February 2005, Rockhopper Exploration (Rockhopper or the Company)\nannounced the Company had agreed terms with Desire Petroleum plc (Desire) for a\nfarm in to a 7.5% interest in Falklands' Licences PL003 and PL004 in\nanticipation of gaining exposure to early exploration drilling in the Falklands.\nThe farm-in agreement allowed Rockhopper to elect to increase the percentage to\n15% by 31 October 2005.\n\nAlthough the Rockhopper view of the prospectivity of the Desire acreage has not\nchanged, the Directors have decided to maintain the Company's farm in exposure\nto the Desire Petroleum operated licences PL003 and PL004 at its current level\nof 7.5%.\n\nOver the past few months both the cost and availability of suitable drilling\nunits have deteriorated significantly and the drilling timetable is likely to be\ndelayed as a result.\n\nThe Directors feel that, given that the primary purpose of the farm-in was\nexposure to early drilling, the interest of the shareholders is best served by\nremaining at 7.5% and applying financial resources to maturing a number of high\nquality prospects for drilling within the Company's own extensive 100%\nexploration acreage in the North Falkland Basin. The Company is targeting these\n100% prospects to be ready for drilling during 2007, when the availability and\ncost of drilling units are expected to be more favourable.\n\nThe recently announced 2D programme which Geophysical Service Incorporated (GSI)\nwill shoot early in 2006 is the first step in this process. A significant 3D\nprogramme has also been designed and an invitation to tender document issued.\n\nENDS\n\nContact:\n\nRockhopper Exploration plc\nSam Moody - Managing Director 01722 414 419\n\nAquila Financial Ltd [email protected]\nPeter Reilly 020 7849 3319\nYvonne Fraser 020 7849 3326\n\nwww.rockhopperexploration.co.uk\n\nNotes to editors:\nThe Rockhopper Group started trading in February 2004 to invest in and carry out\nan offshore oil exploration programme to the north of the Falkland Islands. The\nGroup, which floated on AIM in August 2005, is currently the largest licence\nholder in the North Falkland Basin and owns a 10...