Rockhopper Exploration jumps on results

AIM-listed Oil and gas firm Rockhopper Exploration (LON:RKH) saw its share price increase by 5.10% to 24.07p (as of 15:00 GMT) as it announced its 2018 results. Revenues for the period climbed slightly to $10.6 million, but cash operating costs rose significantly to $11.7 million as it continued to develop its Sea Lion Project.

Chief executive Sam Moody commented: “Sea Lion has the potential to be transformational for Rockhopper and the Falkland Islands as a whole. Securing funding is the last remaining major milestone before Sea Lion can reach FID and all efforts are focused on securing such financing to allow the project to move into the development phase.

“The outcome of our international arbitration against the Republic of Italy is expected later this year and following the hearing in February we remain confident that we have strong prospects of recovering very significant monetary damages.

“I would again like to thank David McManus for his efforts as both a Director and latterly as Chairman, throughout a period in which the Company undertook transactions in the Falklands and the Mediterranean and continued to advance the world class Sea Lion development”.