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Rockhopper Exploration books deep loss on writedowns
StockMarketWire.com
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Oil company Rockhopper Exploration booked a deep annual loss after it wrote down the value of its assets and its revenue fell.
Pre-tax losses for the year through December amounted to $236.4 million, compared to year-on-year losses of $20.6 million, and included an impairment of exploration and evaluation assets of $223.3 million.
Revenue fell to $2.8 million, down from $10.3 million.
Rockhopper said detailed transaction terms had been agreed for Navitas Petroleum to farm-in for a 30% interest in the Sea Lion project off the Falklands Islands.
The company was also expecting an outcome in relation to arbitration proceedings over the Ombrina Mare assets in July, for which it was seeking significant monetary damages.
'The company will continue to work closely with all stakeholders to maximise the chance of securing the Navitas farm out and project sanction of Sea Lion,' chief executive Keith Lough said.
'The board believes that the opportunity to invest in a world-scale fully appraised and engineered project with material additional upside at this point in the cycle presents a compelling opportunity, and one which would lead us towards unlocking the value within the project long-awaited by all stakeholders.'
At 9:02am: (LON:RKH) Rockhopper Exploration PLC share price was 0p at 6.2p
Story provided by StockMarketWire.com
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