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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