19th Sep 2007 07:01
Rockhopper Exploration plc19 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 standardterms 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 awork programme of 2D seismic. In addition to the 2D seismic, Rockhopper alsocollected four CSEM (Controlled Source Electromagnetic Survey) lines, two overErnest and two over Dolphin (formerly lead K) with positive results observed. This statutory 50% relinquishment was anticipated by Rockhopper when thelicences were awarded in 2004. When the relinquishment takes effect in November2007, Rockhopper will successfully retain all the leads and prospects that havebeen identified during the technical evaluation. Phase 2 of the licence is for 3 years commencing November 2007, during whichtime Rockhopper is committed to drilling a single well between both licences. Sam Moody, Managing Director, said " Having more than satisfied the obligationsof phase 1 of our licences and given the very encouraging results of this firstphase, we are in a position to accept the obligation of drilling one well inphase 2. Ernest is a high quality prospect with the chance of findinghydrocarbons set at 40%" NB: This statement has been approved by the Company's geological staff whoinclude David Bodecott (Exploration Director), who is a Member of PetroleumExploration Society of Great Britain (PESGB) and the American Association ofPetroleum Geologists (AAPG) with over 30 years of experience in petroleumexploration and management, for the purpose of the Guidance Note for Mining, Oiland Gas Companies issued by the London Stock Exchange in respect of AIMcompanies, which outline standards of disclosure for mineral projects. For further information, please contact: Rockhopper Exploration plc www.rockhopperexploration.co.ukSam Moody - Managing Director 01722 414 419 Aquila Financial Ltd www.aquila-financial.comPeter Reilly 020 7202 2601Yvonne Fraser 020 7202 2609 Notes to editors The Rockhopper Group started trading in February 2004 to invest in and carry outan offshore oil exploration programme to the north of the Falkland Islands. TheGroup, floated on AIM in August 2005, is currently the largest licence holder inthe North Falkland Basin and has a 100 per cent. interest in four offshoreproduction licences which cover approximately 5,800 sq. km. These licences havebeen granted by the Falkland Islands government. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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