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Rockhopper Exploration (RKH)
markymar
- 15 Aug 2005 15:14
http://www.falklands-oil.com/
http://www.rockhopperexploration.co.uk
http://www.argosresources.com/
Rockhopper was established in 2004 with a strategy to invest in and undertake an offshore oil exploration programme in the North Falkland Basin. It was floated on AIM in August 2005. Rockhopper was the first company to make a commercial oil discovery in the Falklands. Today Rockhopper is the largest acreage holder in the North Falkland Basin, with interests in the Greater Mediterranean region.
avsec
- 03 Jun 2015 16:48
- 6243 of 6294
Still sitting here with my RKH and pleased with the rise in the last couple of days. I hope the dip today is the profit takers selling - that said, once bitten twice shy and I shall wait a while before committing more.
HARRYCAT
- 10 Aug 2015 10:00
- 6244 of 6294
StockMarketWire.com
Rockhopper Exploration has acquired a portfolio of non-operated production and exploration interests in Egypt from Beach Energy Ltd for a headline consideration of $22.0m.
Highlights:
· Rockhopper to acquire the entire issued share capital of Beach Petroleum (Egypt) Pty Limited ("Beach Egypt") which on completion will hold: 22% interest in the Abu Sennan concession; and 25% interest in the El Qa'a Plain concession
· Current working interest production from Abu Sennan of approximately 1,300 boepd, net to Rockhopper (based on average H1 2015 production levels)
· 2P plus 2C reserves and resources at the effective date of 1 July 2015 are estimated at 4.5 mmboe (management estimate), net to Rockhopper
· Headline consideration of US$22.0 million to be satisfied: Approximately US$11.5 million in cash; and the issue of new fully-paid Rockhopper shares to the value of US$10.5 million, priced based on the volume weighted average price of Rockhopper shares during the 30 days prior to completion, subject to a maximum of 5% of the Company's issued share capital (the "Rockhopper Consideration Shares")
· Implied transaction multiple of less than US$4.50 per barrel of oil equivalent (adjusting for estimated financial assets being acquired)
· Rockhopper retains balance sheet strength post acquisition - forecast cash at end 2015 estimated at US$110 - 120 million
· Transaction represents the continuation of Rockhopper's strategy to build a full cycle E&P company focused on its two core areas and represents the Company's entry into Egypt, a prolific hydrocarbon province
· Acquisition anticipated to complete in late 2015 / early 2016 (subject to satisfaction of certain conditions), with consideration adjusted for net cash flow attributable to the assets since the effective date of 1 July 2015.
Rockhopper Exploration has acquired a portfolio of non-operated production and exploration interests in Egypt from Beach Energy Ltd for a headline consideration of $22.0m.
Highlights:
· Rockhopper to acquire the entire issued share capital of Beach Petroleum (Egypt) Pty Limited ("Beach Egypt") which on completion will hold: 22% interest in the Abu Sennan concession; and 25% interest in the El Qa'a Plain concession
· Current working interest production from Abu Sennan of approximately 1,300 boepd, net to Rockhopper (based on average H1 2015 production levels)
· 2P plus 2C reserves and resources at the effective date of 1 July 2015 are estimated at 4.5 mmboe (management estimate), net to Rockhopper
· Headline consideration of US$22.0 million to be satisfied: Approximately US$11.5 million in cash; and the issue of new fully-paid Rockhopper shares to the value of US$10.5 million, priced based on the volume weighted average price of Rockhopper shares during the 30 days prior to completion, subject to a maximum of 5% of the Company's issued share capital (the "Rockhopper Consideration Shares")
· Implied transaction multiple of less than US$4.50 per barrel of oil equivalent (adjusting for estimated financial assets being acquired)
· Rockhopper retains balance sheet strength post acquisition - forecast cash at end 2015 estimated at US$110 - 120 million
· Transaction represents the continuation of Rockhopper's strategy to build a full cycle E&P company focused on its two core areas and represents the Company's entry into Egypt, a prolific hydrocarbon province
· Acquisition anticipated to complete in late 2015 / early 2016 (subject to satisfaction of certain conditions), with consideration adjusted for net cash flow attributable to the assets since the effective date of 1 July 2015.
Bullshare
- 10 Aug 2015 10:15
- 6245 of 6294
Shares Investor Evenings showcase up to four presentations from leading companies bringing them together in one room for one evening only.
Directors present their latest plans regarding development and growthAn opportunity to talk directly to the companies and personally put forward your questionsThe chance to network with other attendees over drinks and canapés - private investors, wealth managers, private client brokers, fund managers and financial institutionsThe evening exposes investors to companies across various sectors. Perfect for existing investors as well as those looking for new investment opportunities.
Date:Wednesday 12th August 2015
Venue:Novotel Tower Bridge, London EC3N, 10 Pepys Street, London, EC3N 2NR
Event Timings:| 18.00 | Registration and coffee | |
| 18.30 | Presentations • John Dawson, CEO - Alliance Pharma (APHA) • Vassilios Carellas, CEO - Ortac Resources (OTC) • Stewart MacDonald, CFO - Rockhopper Exploration (RKH) • Richard Gray, CEO - Scotgold Resources (SGZ) | |
| 20.30 | Drinks reception and canapés | |
| 21.30 | Close |
Attendance is free, but spaces are limited. Register now to secure your place!
Alliance Pharma (APHA)
 | Alliance is an international publicly owned pharmaceutical group listed on AIM, part of the London Stock Exchange. It was founded in 1998 and has its headquarters in the UK. Alliance's principal activities are the acquisition and licensing of mature pharmaceutical products and the marketing of those products. Its manufacturing, storage, logistics and sales forces are controlled by Alliance but outsourced to leading specialist organisations in these fields. |
Ortac Resources (OTC)
 | The Company is focused on financing and developing projects in the natural resource sector. Using industry knowledge, and project development and technology expertise, we identify new business opportunities and develop sustainable solutions to mobilise the economic and human potential of resource assets. In partnership with local communities, we co-create projects that deliver robust investment returns while respecting the criteria of socially responsible investment. We create value by implementing innovative and sustainable solutions for the development of natural resources. |
Rockhopper Exploration (RKH)
 | Rockhopper Exploration plc ("Rockhopper") is an AIM listed oil and gas exploration company based in the UK with interests in the Falkland Islands. It was established in 2004 with a strategy to invest in and undertake an offshore oil exploration programme. It was floated on AIM in August 2005. Rockhopper holds 40% interests in production licences PL032 and PL033 and, on completion of a farm-in announced in October 2013, 24% stakes in blocks PL004a, PL004b, and PL004c. All of these blocks are operated by Premier Oil. In addition, it has a 3% interest block PL003, operated by Falkland Oil and Gas. In August 2014 Rockhopper completed the takeover of Mediterranean Oil & Gas plc ("MOG"). Through the acquisition of MOG, Rockhopper now holds a portfolio of production, development/appraisal and exploration interests in Italy, Malta and France. |
Scotgold Resources (SGZ)
 | Australian Securities Exchange listed Scotgold Resources Limited (ASX:SGZ) was established in 2007 and listed on the ASX in January 2008. The company’s shares were admitted to trading on the AIM market of the London Stock Exchange (AIM:SGZ) in February 2010. The Company’s principal objective, since 2008, has been the advancement of the Cononish Gold and Silver Project in Scotland’s Grampian Highlands to a production decision and exploration of the highly prospective tenements comprising the Grampian Gold Project with the view of identifying further project opportunities. |
HARRYCAT
- 15 Sep 2015 08:04
- 6246 of 6294
StockMarketWire.com
Rockhopper has widened its H1 pretax loss to $5.1m, from a loss of $3.2m. Revenue was $1.8m, from $0.8m.
Chairman Pierre Jungels said:
"We have enjoyed a fantastic start to our 2015 North Falkland Basin exploration campaign with two material oil discoveries and, through the Isobel Deep well, the opening of a new play in a previously underexplored part of the basin. We look forward to the results of two further high-impact wells in the campaign during the remainder of 2015.
"Progress at Sea Lion continues, despite the challenging market environment, with the award of major FEED contracts targeted during the fourth quarter of this year. These contracts, once awarded, will represent another significant milestone on the path towards project sanction.
"We continue to invest and grow our second core area in the Greater Mediterranean and North Africa region where we expect to see a material increase in production and cash flow over the next six months."
Rockhopper has widened its H1 pretax loss to $5.1m, from a loss of $3.2m. Revenue was $1.8m, from $0.8m.
Chairman Pierre Jungels said:
"We have enjoyed a fantastic start to our 2015 North Falkland Basin exploration campaign with two material oil discoveries and, through the Isobel Deep well, the opening of a new play in a previously underexplored part of the basin. We look forward to the results of two further high-impact wells in the campaign during the remainder of 2015.
"Progress at Sea Lion continues, despite the challenging market environment, with the award of major FEED contracts targeted during the fourth quarter of this year. These contracts, once awarded, will represent another significant milestone on the path towards project sanction.
"We continue to invest and grow our second core area in the Greater Mediterranean and North Africa region where we expect to see a material increase in production and cash flow over the next six months."
HARRYCAT
- 23 Nov 2015 08:49
- 6247 of 6294
StockMarketWire.com
Rockhopper Exploration said the 14/20-2 'Isobel - 2' well was spudded, by operator Premier Oil on Nov. 21. The well is located on licence PL004a in which Rockhopper has a 24% working interest and is an exploration well on the Isobel/Elaine fan complex.
The Well, which will be a re-drill of the Isobel Deep formation at that reservoir level will also intercept four other fans within the complex comprising Irene, Doreen Elaine South and Isobel.
The Well is located approximately 4.2km from the Isobel Deep well (14/20-1), which penetrated the first 24m of the Isobel Deep reservoir but failed to reach Total Depth owing to operational issues in May of this year.
Rockhopper Exploration said the 14/20-2 'Isobel - 2' well was spudded, by operator Premier Oil on Nov. 21. The well is located on licence PL004a in which Rockhopper has a 24% working interest and is an exploration well on the Isobel/Elaine fan complex.
The Well, which will be a re-drill of the Isobel Deep formation at that reservoir level will also intercept four other fans within the complex comprising Irene, Doreen Elaine South and Isobel.
The Well is located approximately 4.2km from the Isobel Deep well (14/20-1), which penetrated the first 24m of the Isobel Deep reservoir but failed to reach Total Depth owing to operational issues in May of this year.
HARRYCAT
- 24 Nov 2015 08:41
- 6248 of 6294
StockMarketWire.com
Rockhopper and Falkland Oil & Gas have agreed the terms of a recommended all-share merger. Falkland shareholders would receive, for every one share they own, about 0.2993 Rockhopper shares.
The merger values Falkland Oil & Gas at about OGBP57.1m, and each of its shares at 10.70p.
The combined Group is expected to:
o be the largest North Falkland Islands licence and discovered resource holder with a material working interest in all key licences;
o have enhanced prospects of progressing the Sea Lion project through final investment decision;
o have greater exposure to exploration and appraisal upside potential; and
o benefit from enhanced scale and capabilities creating value in the current market environment.
Rockhopper and Falkland Oil & Gas have agreed the terms of a recommended all-share merger. Falkland shareholders would receive, for every one share they own, about 0.2993 Rockhopper shares.
The merger values Falkland Oil & Gas at about OGBP57.1m, and each of its shares at 10.70p.
The combined Group is expected to:
o be the largest North Falkland Islands licence and discovered resource holder with a material working interest in all key licences;
o have enhanced prospects of progressing the Sea Lion project through final investment decision;
o have greater exposure to exploration and appraisal upside potential; and
o benefit from enhanced scale and capabilities creating value in the current market environment.
required field - 24 Nov 2015 10:28 - 6249 of 6294
What it needs is a rise in crude...but that is good news...impressive exploration company...
markymar
- 24 Nov 2015 13:33
- 6250 of 6294
Good news,asset rich with great prospects also sitting on £130 million
cynic
- 24 Nov 2015 13:36
- 6251 of 6294
good heavens; it's young lazarus :-)
markymar
- 24 Nov 2015 13:57
- 6252 of 6294
Ha Ha been watching in background quiet a while ready for this drill to invest in so you might hear a little more from me.
HARRYCAT
- 06 Jan 2016 08:28
- 6253 of 6294
StockMarketWire.com
Rockhopper Exploration said the Italian Parliament has approved the 2016 Budget Law that reintroduces restrictions on offshore oil and gas activity including the general ban on exploration and production activity within 12 nautical miles of the coast of Italy.
This restriction was first introduced in 2010 and repealed in 2012.
Certain exceptions apply for existing production concessions and none of the Company's other interests in Italy, including the Guendalina gas field, are expected to be impacted by this new legislation. The Budget Law came into force on 1 January 2016.
At the same time, Rockhopper has been granted a 12 month extension to the suspension of the Ombrina Mare exploration permit to 31 December 2016.
Ombrina Mare is located within the 12 mile limit and the Company is conducting an in depth review of this new legislation, how the exploration permit is affected and its impact on the Ombrina Mare project.
Rockhopper Exploration said the Italian Parliament has approved the 2016 Budget Law that reintroduces restrictions on offshore oil and gas activity including the general ban on exploration and production activity within 12 nautical miles of the coast of Italy.
This restriction was first introduced in 2010 and repealed in 2012.
Certain exceptions apply for existing production concessions and none of the Company's other interests in Italy, including the Guendalina gas field, are expected to be impacted by this new legislation. The Budget Law came into force on 1 January 2016.
At the same time, Rockhopper has been granted a 12 month extension to the suspension of the Ombrina Mare exploration permit to 31 December 2016.
Ombrina Mare is located within the 12 mile limit and the Company is conducting an in depth review of this new legislation, how the exploration permit is affected and its impact on the Ombrina Mare project.
HARRYCAT
- 11 Jan 2016 08:24
- 6254 of 6294
Drilling update - 14/20-2 (Isobel-2 Re-drill)
Oil Discovery
Highlights
· Net oil pay of 27m
· No Oil Water Contact or gas encountered
· Oil discovery confirmed at Isobel Deep
· Additional oil bearing F3 reservoirs
The Well is located on licence PL004a in which Rockhopper has a 24% working interest which will increase to 64% following completion of the merger with Falkland Oil & Gas (anticipated to occur on the 18 January 2016).
The Company can confirm that the Isobel Deep reservoir has been successfully re-drilled and that the Well reached a total depth of 3014m below sea level, in a location some 4km from the Isobel Deep discovery well. The location of the Well was also in a position that intercepted the edges of a number of additional fans within the Isobel / Elaine complex.
The Company is delighted to announce that the Well encountered a total of five oil bearing fan packages of the F3 system, with net pay of 27m recorded within the Isobel Deep, Isobel and Emily reservoirs.
Additionally, whilst sand with oil shows was recorded in the Elaine South and Irene fans, reservoir quality was low (as had been anticipated) given the nature of the location at the very edge of the fan bodies. The Company anticipates that better reservoir can be found in the main bodies of those fans.
The Well did not encounter any gas nor did it penetrate an Oil Water Contact within any of the sands in this location, where the Isobel Deep reservoir is 350m downdip from the discovery well. The results indicate that the total oil column established by this second well is likely to be in excess of 480m.
Whilst the data acquired is still to be fully evaluated and integrated, the initial view of the Company is that the results of this Well indicate that the Isobel / Elaine complex is highly likely to contain a commercially viable quantity of recoverable oil.
The Well will now be plugged and abandoned as planned before moving to the final well of the programme, Chatham.
Oil Discovery
Highlights
· Net oil pay of 27m
· No Oil Water Contact or gas encountered
· Oil discovery confirmed at Isobel Deep
· Additional oil bearing F3 reservoirs
The Well is located on licence PL004a in which Rockhopper has a 24% working interest which will increase to 64% following completion of the merger with Falkland Oil & Gas (anticipated to occur on the 18 January 2016).
The Company can confirm that the Isobel Deep reservoir has been successfully re-drilled and that the Well reached a total depth of 3014m below sea level, in a location some 4km from the Isobel Deep discovery well. The location of the Well was also in a position that intercepted the edges of a number of additional fans within the Isobel / Elaine complex.
The Company is delighted to announce that the Well encountered a total of five oil bearing fan packages of the F3 system, with net pay of 27m recorded within the Isobel Deep, Isobel and Emily reservoirs.
Additionally, whilst sand with oil shows was recorded in the Elaine South and Irene fans, reservoir quality was low (as had been anticipated) given the nature of the location at the very edge of the fan bodies. The Company anticipates that better reservoir can be found in the main bodies of those fans.
The Well did not encounter any gas nor did it penetrate an Oil Water Contact within any of the sands in this location, where the Isobel Deep reservoir is 350m downdip from the discovery well. The results indicate that the total oil column established by this second well is likely to be in excess of 480m.
Whilst the data acquired is still to be fully evaluated and integrated, the initial view of the Company is that the results of this Well indicate that the Isobel / Elaine complex is highly likely to contain a commercially viable quantity of recoverable oil.
The Well will now be plugged and abandoned as planned before moving to the final well of the programme, Chatham.
markymar
- 11 Jan 2016 11:03
- 6255 of 6294
A great result.......shame about the oil price
greekman
- 11 Jan 2016 15:35
- 6256 of 6294
No prob re the POO as any of the recent wells will even with the best will in the world, take at least till 2020 to bring into production.
With the problems round the world, especially the middle east becoming worse almost by the day, my bet is that the POO by 2020 will be at least as high as those in 2008 and probably more.
I agree though that if there is a big producer out there waiting to pick up a large stake in the FI fields, they could make a move quickly at a low price.
With the problems round the world, especially the middle east becoming worse almost by the day, my bet is that the POO by 2020 will be at least as high as those in 2008 and probably more.
I agree though that if there is a big producer out there waiting to pick up a large stake in the FI fields, they could make a move quickly at a low price.
HARRYCAT
- 13 Jan 2016 08:38
- 6257 of 6294
StockMarketWire.com
Rockhopper Exploration has issued an update on its Sea Lion development.
Timing and Project Highlights:
* Pre-FEED work for Phase 1a of the Sea Lion development recently completed
* Project entering FEED with the award of FPSO FEED contract to SBM Offshore ("SBM")
* Preferred contractors selected for the provision of the various subsea system facilities - subsea FEED contract awards expected during Q1 2016
* Significant technical and cost improvements and efficiencies have been identified to materially enhance overall project economics
* Draft Field Development Plan prepared and submitted to the Falkland Island Government
Rockhopper Exploration has issued an update on its Sea Lion development.
Timing and Project Highlights:
* Pre-FEED work for Phase 1a of the Sea Lion development recently completed
* Project entering FEED with the award of FPSO FEED contract to SBM Offshore ("SBM")
* Preferred contractors selected for the provision of the various subsea system facilities - subsea FEED contract awards expected during Q1 2016
* Significant technical and cost improvements and efficiencies have been identified to materially enhance overall project economics
* Draft Field Development Plan prepared and submitted to the Falkland Island Government
required field - 13 Jan 2016 09:26 - 6258 of 6294
Imagine what the sp would have done going back a few years ago......it would be ten times todays value....Sealion was discovered when the sp was 35p !....if you had told me that fours years on, the sp would be worth 28p ; I would never have believed you...
HARRYCAT
- 03 Feb 2016 09:00
- 6259 of 6294
StockMarketWire.com
Rockhopper Exploration has, further to its January announcement, been informed by Italy's Ministry of Economic Development that the Production Concession covering the Ombrina Mare Field Area will now not be awarded.
This is despite the Ombrina Mare project having completed all the required technical and environmental authorisations.
This follows re-introduction of a ban on exploration and production activity within 12 nautical miles of the coast of Italy.
Rockhopper retains its interest in the exploration permit covering the Ombrina Mare Field Area. An extension to the suspension of the Ombrina Mare exploration permit was recently granted to 31 December 2016.
The Company is now considering its options which include both a claim for damages and compensation against the Republic of Italy under International Treaties for the protection of foreign investments, and in particular the arbitration process provided for under the Energy Charter Treaty.
None of the Company's other interests in Italy, including the Guendalina gas field, are expected to be impacted by the changes in legislation.
Rockhopper Exploration has, further to its January announcement, been informed by Italy's Ministry of Economic Development that the Production Concession covering the Ombrina Mare Field Area will now not be awarded.
This is despite the Ombrina Mare project having completed all the required technical and environmental authorisations.
This follows re-introduction of a ban on exploration and production activity within 12 nautical miles of the coast of Italy.
Rockhopper retains its interest in the exploration permit covering the Ombrina Mare Field Area. An extension to the suspension of the Ombrina Mare exploration permit was recently granted to 31 December 2016.
The Company is now considering its options which include both a claim for damages and compensation against the Republic of Italy under International Treaties for the protection of foreign investments, and in particular the arbitration process provided for under the Energy Charter Treaty.
None of the Company's other interests in Italy, including the Guendalina gas field, are expected to be impacted by the changes in legislation.
markymar
- 03 Feb 2016 10:29
- 6260 of 6294
http://http://www.proactiveinvestors.co.uk/companies/news/122100
Rockhopper Exploration (LON:RKH) has confirmed that law changes in Italy mean that a production concession will not be awarded for the Ombrina Mare field.
It told investors that Ombrina Mare had all necessary technical and environmental authorisations, however, the project won’t go ahead due to the re-introduction of a ban on exploration and production activity within 12 nautical miles of the Italian coast.
The company said it is now considering its options, which could include a claim for damages and compensation from the Republic of Italy under international treaties.
Meanwhile, the company said that none of its other interests in Italy, including the Guendalina gas field, are expected to be impacted by the changes in legislation.
Rockhopper acquired its Italian portfolio in the 2014 takeover of Mediterranean Oil & Gas, which initially cost £29.3mln.
It came as Rockhopper moved to diversify its portfolio, which at that time comprised solely of its Falklands operations.
This new regulatory problem marks another disappointment for the Mediterranean unit. Shortly after the deal completed in 2014, an exploration well offshore Malta was abandoned as it failed to find hydrocarbons.
More recently at Guendalina, in the Northern Adriatic Sea, a side-track well was successfully completed and all targeted reservoirs were seen to be gas bearing.
Guendalina was producing around 440,000 standard cubic metres (scm) of gas per day gross, in late 2015, which amounts to 88,000 scm or 580 barrels oil equivalent per day to Rockhopper. The company expects to generate around US$7mln of revenue from the field in 2016.
In November, Rockhopper announced the start of production from the Civita gas field which is adds about 25,000 scm or 160 barrels of oil equivalent (boe) production per day. Together with Guendalina, Rockhopper expects revenues for 2016 will amount to around US$9mln.
Rockhopper Exploration (LON:RKH) has confirmed that law changes in Italy mean that a production concession will not be awarded for the Ombrina Mare field.
It told investors that Ombrina Mare had all necessary technical and environmental authorisations, however, the project won’t go ahead due to the re-introduction of a ban on exploration and production activity within 12 nautical miles of the Italian coast.
The company said it is now considering its options, which could include a claim for damages and compensation from the Republic of Italy under international treaties.
Meanwhile, the company said that none of its other interests in Italy, including the Guendalina gas field, are expected to be impacted by the changes in legislation.
Rockhopper acquired its Italian portfolio in the 2014 takeover of Mediterranean Oil & Gas, which initially cost £29.3mln.
It came as Rockhopper moved to diversify its portfolio, which at that time comprised solely of its Falklands operations.
This new regulatory problem marks another disappointment for the Mediterranean unit. Shortly after the deal completed in 2014, an exploration well offshore Malta was abandoned as it failed to find hydrocarbons.
More recently at Guendalina, in the Northern Adriatic Sea, a side-track well was successfully completed and all targeted reservoirs were seen to be gas bearing.
Guendalina was producing around 440,000 standard cubic metres (scm) of gas per day gross, in late 2015, which amounts to 88,000 scm or 580 barrels oil equivalent per day to Rockhopper. The company expects to generate around US$7mln of revenue from the field in 2016.
In November, Rockhopper announced the start of production from the Civita gas field which is adds about 25,000 scm or 160 barrels of oil equivalent (boe) production per day. Together with Guendalina, Rockhopper expects revenues for 2016 will amount to around US$9mln.
greekman
- 12 Feb 2016 07:14
- 6261 of 6294
I would love to see the contract re this rig, no doubt there are clauses re time down, delays ect, so there has to be compensation due for beach of contract.
The Eirik Raude wants scraping as that just about all its worth, after all who would want to risk hiring this worthless piece of dit after the latest fiasco, especially with a huge number of rigs in dock waiting for customers.
The Eirik Raude wants scraping as that just about all its worth, after all who would want to risk hiring this worthless piece of dit after the latest fiasco, especially with a huge number of rigs in dock waiting for customers.
HARRYCAT
- 12 Feb 2016 08:18
- 6262 of 6294
StockMarketWire.com
Rockhopper Exploration announces that Premier Oil has served a notice to terminate the rig contract with Ocean Rig UDW with immediate effect.
The notice to terminate follows a number of operational issues with the Eirik Raude rig. As a result, the drilling of the Chatham well - the final well in current campaign - will now be deferred until the Sea Lion pre-development drilling campaign.
The postponement of the Chatham well has no impact on the planning or timetable for the Field Development Plan for the Sea Lion initial phase development.
Rockhopper Exploration announces that Premier Oil has served a notice to terminate the rig contract with Ocean Rig UDW with immediate effect.
The notice to terminate follows a number of operational issues with the Eirik Raude rig. As a result, the drilling of the Chatham well - the final well in current campaign - will now be deferred until the Sea Lion pre-development drilling campaign.
The postponement of the Chatham well has no impact on the planning or timetable for the Field Development Plan for the Sea Lion initial phase development.
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