Rockhopper Exploration plc
19 September 2007
Press Release
For immediate release: 19 September 2007
Rockhopper agrees relinquishment pattern for PL023 and PL024
Rockhopper has agreed its relinquishment pattern in accordance with the standard
terms of its licences PL023 and PL024 with the Falkland Islands Government.
The licences were granted in November 2004 with a three year initial term for a
work programme of 2D seismic. In addition to the 2D seismic, Rockhopper also
collected four CSEM (Controlled Source Electromagnetic Survey) lines, two over
Ernest and two over Dolphin (formerly lead K) with positive results observed.
This statutory 50% relinquishment was anticipated by Rockhopper when the
licences were awarded in 2004. When the relinquishment takes effect in November
2007, Rockhopper will successfully retain all the leads and prospects that have
been identified during the technical evaluation.
Phase 2 of the licence is for 3 years commencing November 2007, during which
time Rockhopper is committed to drilling a single well between both licences.
Sam Moody, Managing Director, said ' Having more than satisfied the obligations
of phase 1 of our licences and given the very encouraging results of this first
phase, we are in a position to accept the obligation of drilling one well in
phase 2. Ernest is a high quality prospect with the chance of finding
hydrocarbons set at 40%'
NB: This statement has been approved by the Company's geological staff who
include David Bodecott (Exploration Director), who is a Member of Petroleum
Exploration Society of Great Britain (PESGB) and the American Association of
Petroleum Geologists (AAPG) with over 30 years of experience in petroleum
exploration and management, for the purpose of the Guidance Note for Mining, Oil
and Gas Companies issued by the London Stock Exchange in respect of AIM
companies, which outline standards of disclosure for mineral projects.
For further information, please contact:
Rockhopper Exploration plc www.rockhopperexploration.co.uk
Sam Moody - Managing Director 01722 414 419
Aquila Financial Ltd www.aquila-financial.com
Peter Reilly 020 7202 2601
Yvonne Fraser 020 7202 2609
Notes to editors
The 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. The
Group, floated on AIM in August 2005, is currently the largest licence holder in
the North Falkland Basin and has a 100 per cent. interest in four offshore
production licences which cover approximately 5,800 sq. km. These licences have
been granted by the Falkland Islands government.
This information is provided by RNS
The company news service from the London Stock Exchange