Rockhopper Exploration (LON:RKH) announced today that it has entered into a conditional farm-out agreement with Premier Oil, regarding the Company's interests in its petroleum licences in the North Falkland Basin.
Sam Moody, Chief Executive of Rockhopper, said: "I am delighted that we have been able to secure such a high quality partner for our work in moving the Sea Lion development forward - Premier have an outstanding track record in developing and running producing assets and also have significant international experience. This is an excellent transaction for the company and its shareholders. It helps crystallise the value of our discoveries in the North Falkland Basin area centred on the Sea Lion field, as well as providing the funds to examine further the remaining potential of our acreage in the region. The transaction also presents the opportunity to pursue other exploration prospects in countries where there are geological similarities to the Falkland Islands and where our sub-surface skill sets can potentially create additional value. We are very much looking forward to beginning our work with Premier."
Broker FoxDavies said: 'We believe that the risk adjusted fair value of the shares has come down from 600p to 350p, based on a commercial chance of success of ~63%. However, as development approaches, this will fall, and the share price will better reflect the underlying asset value, which will add a further 170p.'
Rockhopper Exploration are currently trading at 276.50 pence a share, up 0.91% on opening.
Premier Oil are currently trading at 370.10 pence a share, up 3.15% on opening.
Matra Petroleum (LON:MTA) announced today the signing of an agreement with Orenburgskaya Geophysical Expedition to conduct a seismic survey on its 100% owned Sokolovskoe oil field in Orenburg, Russia.
Maxim Barskiy, Chief Executive of Matra said: "The commissioning of this survey is an important step toward fully understanding the potential of the Sokolovskoe field. The results of the survey will allow us to accurately assess how best to allocate Matra's resources to maximise shareholder value."
Matra Petroleum is currently trading at 1.82 pence a share, up 4.06% on opening.
Max Petroleum (LON:MPX) shares have risen by 13.93% this morning and are currently trading at 3.19 pence a share.
Red Emperor Resources (LON:RMP) shares have fallen by 5.90% this morning and are currently trading at 21.52 pence a share.
Range Resources (LON:RRL) shares have fallen by 3.46% this morning and are currently trading at 6.70 pence a share.