Rockhopper Announces Extension of North Falkland Basin Petroleum Licences

Source: www.gulfoilandgas.com 3/5/2021, Location: South America

Rockhopper Exploration plc (RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce that, following discussions between the joint venture partners, Harbour Energy and the Falkland Islands Government ("FIG"), FIG has agreed to extend each of the Company's North Falkland Basin Petroleum Licences, including the Sea Lion Discovery Area, until 1 November 2022, with no additional licence commitments. The Licences were previously due to expire on 1 May 2021.

Samuel Moody, Chief Executive Officer, commented:

"The Company is grateful to the Falkland Islands Government for the extension of its North Falkland Basin licence interests and continued support of the Sea Lion project.

The proposed merger of Premier Oil and Chrysaor to create Harbour Energy brings a financially stronger operator to the project. This, combined with the proposed entry of Navitas Petroleum to Sea Lion, creates a solid operational and financial foundation giving the project the strongest possible chance of progressing."

Notes

The Company's working interests in North Falkland Basin Petroleum Licences are as follows:

Licence : PL032 inc. Sea Lion Discovery Area
Operator : Premier Oil
Rockhopper WI : 40%*

Licence : PL033
Operator : Premier Oil
Rockhopper WI : 40%

Licence : PL003a
Operator : Rockhopper
Rockhopper WI : 95.5%

Licence : PL003b
Operator : Rockhopper
Rockhopper WI : 60.5%

Licence : PL004a Operator : Premier Oil Rockhopper WI : 64%**

Licence : PL004b
Operator : Premier Oil
Rockhopper WI : 64%*

Licence : PL004c
Operator : Premier Oil
Rockhopper WI : 64%*

Licence : PL005
Operator : Rockhopper
Rockhopper WI : 100%

* Reducing to 30% upon completion of the proposed farm-out to Navitas Petroleum LP

** Reducing to 30% upon exercise of option to be held by Navitas Petroleum LP under proposed farm-out


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