Rockhopper Exploration plc provides the following update in relation to the proposed acquisition of production and exploration assets in Egypt as announced on 10 August 2015.
The Company has been informed by Beach Energy Limited that one of the Abu Sennan joint venture parties has exercised its right of pre-emption. The relevant condition in the Share Sale Agreement, as set out in the announcement of 10 August 2015, is therefore unlikely to be satisfied and, accordingly, the entire acquisition is unlikely to proceed.
Sam Moody, CEO of Rockhopper, commented,'We are clearly disappointed to have been pre-empted on the proposed transaction. Nonetheless, the fact that one of the JV partners has decided to pre-empt demonstrates that we have successfully identified a good quality opportunity and been able to negotiate the purchase on attractive terms.
We will continue to adopt a highly disciplined approach to reviewing and evaluating growth opportunities in the Greater Mediterranean and North Africa region.'