Falklands Government Extends Rockhopper’s Petroleum Production Licenses
Monday, October 21st 2024 – 20:15 UTC
Rockhopper Exploration plc has announced an extension of its North and South Falkland Basin Petroleum Production Licenses by the Falkland Islands Government until December 31, 2026. CEO Sam Moody expressed satisfaction with the extension, enabling the company to continue its work in the Falkland Islands.
In addition, the company has secured an insurance policy to protect shareholders in case the Rockhopper Ombrina Mare Arbitration Award is annulled by the Italian Republic. The policy covers a total of €31 million, with a cost of €4 million. This move ensures financial security for Rockhopper amidst potential legal challenges.
Following these developments, Rockhopper’s cash balance will be approximately US$24 million, setting the company on a stable financial footing for its operations and future endeavors.