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Rockhopper Exploration ( (GB:RKH) ) has provided an update.
Rockhopper Exploration plc announced a conditional placing to raise approximately US$140 million to fund Phase 1 of the Sea Lion oil field development. This funding is crucial for the company to proceed with the final investment decision and to secure its position in the industry. The firm and conditional placing involve issuing new ordinary shares and warrants, with an open offer planned to allow existing shareholders to participate. The funds will cover Rockhopper’s share of the capital expenditure required for the project, which aims to recover 170 million barrels of oil. The company aims to avoid further equity raises before project completion, and the board believes this move will enhance shareholder value.
More about Rockhopper Exploration
Rockhopper Exploration plc is an oil and gas company with significant interests in the North Falkland Basin. The company focuses on the exploration and development of oil fields, with a key project being the Sea Lion oil field.
Average Trading Volume: 2,709,448
Technical Sentiment Signal: Buy
Current Market Cap: £476.2M
Learn more about RKH stock on TipRanks’ Stock Analysis page.