Business
Final Results for the year ended 31 December 2018
Final Results for the year ended 31 December 2018.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 7631U Rockhopper Exploration plc 02 April 2019 \n\n2 April 2019\nRockhopper Exploration plc\n(\"Rockhopper\" or the \"Company\")\n \nFull-year results for the year ended 31 December 2018\n \nRockhopper 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, is pleased to announce its audited results for the year ended 31 December 2018.\n \nHighlights\n \nSea Lion Phase 1 development - securing senior debt funding represents last major milestone to achievement of FID\n· Front End Engineering and Design completed in Q1 2019\n· Process to progress contractor LOIs to full agreements well advanced\n· Field Development Plan and Environmental Impact Statement substantially agreed with the Falkland Islands Government - final approval expected at sanction\n· Good progress made with the Falkland Islands Government on Sea Lion royalty and fiscal terms\n· Financing structure progressed - extensive due diligence and assurance process underway\n· Vendor financing - contractors have agreed to provide up to US$400 million of funding for the project\n· Project momentum building with budget approved in Q3 2018 to increase activity and expand the Operator's project development team \n \nGreater Mediterranean portfolio continues to deliver stable production with exploration upside \n· Net working interest production averaged 1.1 kboepd in 2018 \n· Multiple oil and gas discoveries as a result of the 2018 drilling campaign at Abu Sennan, Egypt\no Successful infill drilling and implementation of a water injection programme at the Al Jahraa field to enhance production and maximise recoverability\no Oil discovery in the Bahariya de-risks future exploration at this level across the concession\n \nStrong financial performance with continued focus on managing costs\n· Revenue of US$10.6 million; operating costs US$4.6 million; cash flow from operations US$5.4 million\n· Cash operating costs of US$11.7 per boe - maintaini...