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Rockhopper Exploration ( (GB:RKH) ) has provided an update.
Rockhopper Exploration plc announced a conditional two-tranche placing of new ordinary shares and warrants to raise up to approximately US$140 million to fund Phase 1 of the Sea Lion oil field development in the North Falkland Basin. This fundraising effort is crucial for Rockhopper to secure the necessary equity funding to take a final investment decision on the project, which is expected to recover 170 million barrels of oil. The company aims to provide financial flexibility and minimize further equity raises, with the Board believing this move will promote long-term success and deliver significant value to shareholders.
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 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
For detailed information about RKH stock, go to TipRanks’ Stock Analysis page.