Rockhopper Placement to Fund 3D Survey
Rockhopper Exploration plc on Tuesday announced a placement of up to 3,588,700 new ordinary shares at a subscription price of 37 pence each by Teather & Greenwood Limited with institutional and other investors to raise up to £1,328,000 (before expenses).
The Placing Price represents a discount of approximately 6.33 percent. to the closing middle market price of an ordinary share on 5 March 2007, the day preceding the date of this announcement. The Placing Shares equal, in number, 4.98 percent of the ordinary shares currently in issue and (assuming full subscription under the Placing) will represent 4.74 percent. of the Company's enlarged issued share capital immediately following the Placing (undiluted) of 75,663,305 ordinary shares. It is expected that certain directors of the Company will subscribe for a total of 189,189 Placing Shares under the Placing. The Placing is not underwritten.
Dr. Pierre Jungels, Executive Chairman of Rockhopper Exploration, said:
"The continuing support of existing shareholders is greatly appreciated and we are pleased to welcome our new shareholders to the unfolding Rockhopper Exploration story. The funds raised from the Placing will be used for general purposes, including advanced investigation of the new 3D seismic which covered the two wells drilled by Shell in 1998, one of which recovered live oil to the surface."
The Placing Shares will rank on their issue pari passu in all respects with the
existing issued ordinary shares. Application will be made for the Placing Shares
to be admitted to trading on AIM. It is expected that they will be admitted to
trading on AIM on 9 March 2007.
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