Changes Approved to Premiere Farm-Out Agreement
Rockhopper, the North Falkland Basin oil and gas exploration company, announced Friday that it has received formal agreement from the Falkland Islands Government (FIG) and both relevant licensees to the farm-out agreement with Premier Oil plc.
The Executive Council of The Falkland Islands Government has approved changes to the Company's production licence interests held in the Falkland Islands to permit:
· the assignment of 60 percent of Production Licences PL023, PL024, PL032 and PL033, and 60 percent of Rockhopper's interest in PL003 and PL004, to Premier Oil Exploration & Production Ltd; and
· the approval of Premier Oil Exploration & Production Ltd to become operator of Production Licences PL023, PL024, PL032, PL033 and area PL004b of Production Licence PL004.
Formal completion of the farm-out process is anticipated shortly, when a further announcement will be made.
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