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Financial Times Report
Financial Times Report.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n RNS Number : 5120G Rockhopper Exploration plc 23 October 2008 \n \n\n\n\n\nPRESS RELEASE\n\n23 October 2008\n\nFinancial Times Report \n\nRockhopper Exploration plc ('Rockhopper' or the 'Company'), the AIM traded (RKH) oil and gas explorer with licences in the North Falkland Basin, notes the report in the Financial Times today entitled 'Smaller producers get ready for consolidation'.\n\nThe report wrongly quotes BHP Billiton as having bought into Rockhopper's assets. \n\nRockhopper holds a 100% interest in North Falkland Basin Licences PL023, PL024 PL032 and PL033 and holds a 7.5% interest in Licences PL003 and PL004.\n\nTechnical work done on the Rockhopper licences has indicated Director's estimates of unrisked recoverable reserves of 4.3 billion barrels and in addition has identified a multi tcf gas prospect. The acreage has both proven oil and proven gas and is located in relatively shallow water.\n\nWork done at the time of admission to AiM indicated that a discovery on Rockhopper acreage could be commercially viable at oil prices as low as US$25 per barrel.\n\nRockhopper has no debt and had cash of over £4 million at the end of September 2008 (Rockhopper's half year end). The financial position of the Company has been unaffected by the recent turmoil in global banking.\n\nWhile Rockhopper has not entered into any agreement with BHP, it can confirm that it is in discussion with a number of potential farm-out partners and is also continuing the search for a rig in conjunction with other operators in the North Falkland Basin.\n\nEnds.\n\nFor further information, please contact:\n\n\n\n\n\nRockhopper Exploration plc\n\n\nwww.rockhopperexploration.co.uk\n\n\n\n\nSam Moody - Managing Director\n\n\n01722 414 419\n\n\n\n\nAquila Financial Ltd \n\n\nwww.aquila-financial.com\n\n\n\n\nPeter Reilly\n\n\n0118 979 4100\n\n\n\n\nTeathers Limited\n\n\n020 7426 9000\n\n\n\n\nTom Hulme / Sebastian Jones\n\n\n\n\n\n\n\n\n Notes to editors\n\nwww.rockhopperexploration.co.uk \n\nThe Rockhopper Group started trading in February 2004 to invest in and carry out an offshore oil exploration programme to the north of the Falkland Islands. T...