19th Jun 2018 12:24
LONDON (Alliance News) - Oil and gas company Rockhopper Exploration PLC said Tuesday that the payment situation involving Egyptian General Petroleum Corp was "improving" with a number of EGPC payments received.
As at May 31, Rockhopper's receivable balance was roughly USD2.2 million.
The company also said that year to date daily production at the Egyptian Abu Sennan concession, in which Rockhopper's holds a 22% working interest, had been maintained at 4,000 barrel of oil equivalent per day.
Rockhopper said it expects drilling on the Abu Sennan concession to continue for close to six months and have a "total capital expenditure, net to Rockhopper's 22% interest, of approximately USD3 million".
The mining company also said that the Raya-1X commitment well, at the El Qa'a Plain concession in Egypt, had been spudded. Rockhopper has a 25% working interest in the concession and expenditures net to this interest are expected to be "less than USD1 million".
Shares in Rockhopper Exploration were down 0.8% at 35.33 pence on Tuesday.
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