Business
Result of Court Hearing
Result of Court Hearing.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 5207I Rockhopper Exploration plc 03 July 2013 \n\n3 July 2013\nRockhopper Exploration plc\n(\"Rockhopper\" or the \"Company\")\nResult of Court Hearing\nHigh Court confirms the cancellation of the Company's Share Premium Account\nRockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas company, announces that at a hearing today, the Companies Court of the Chancery Division of the High Court of Justice confirmed the cancellation of the Company's share premium account (\"Cancellation of Share Premium Account\"). The Cancellation of the Share Premium Account is expected to become effective tomorrow, 4 July 2013.\nAs previously announced, it is the Directors' current intention that no decision for the Company to make dividend payments or to purchase its own shares would be made before the Company has completed an evaluation of its medium-term funding requirements.\nKey to this evaluation is the completion of the concept selection process for the Sea Lion development and the on-going assessment of the capital gains tax provision arising from the farm-out of the Company's licence interests to Premier Oil in 2012. Only once this evaluation is substantially concluded will the Directors be in a position to consider the availability of capital that might be deployed in any share buy back or dividend payment should the Directors consider it appropriate.\n \nEnquiries:\nRockhopper Exploration plc\nTel: 0207 016 9571\nSam Moody - Chief Executive (via Vigo Communications)\nPeter Dixon-Clarke - Finance Director\n \nCanaccord Genuity Limited (NOMAD and Joint Broker)\nTel: 0207 523 8000\nHenry Fitzgerald-O'Connor\nGiles Fitzpatrick\n \nVigo Communications\nTel: 0207 016 9571\nPeter Reilly\n \nNotes to Editors:\nRockhopper was established in February 2004 with a strategy to invest in and carry out offshore oil exploration to the north of the Falkland Islands. The Company floated on AIM in August 2005 with four offshore production licences: PL023, PL024, PL032 and PL033 which cover approximately 3,800 sq. km. Rockhopper has further smaller interests in licences PL003, PL004a and PL004c, which are operated by Desire Petroleum plc. Additionally, the Company has a significant interest in licence PL004b which contains the extension to the Sea Lion Field as well as the Beverley, Caspe...