Rockhopper Raises £46.5 Million In Equity Placing

Rockhopper, the North Falkland Basin oil and gas exploration company, successfully completed the equity placing announced today. A total of 25,814,000 new Ordinary Shares of the Company have been placed by Canaccord Genuity Limited, and Merrill Lynch International acting as joint bookrunners in relation to the Placing at a price of 180 pence each, to raise approximately £46.5 million before commissions and expenses.

The Placing Shares equal, in number, approximately 10 per cent. of the Ordinary Shares currently in issue. The Placing Shares will be issued credited as fully paid and will rank pari passu with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing Shares.

The Company will apply for admission of the Placing Shares to be traded on the AIM market of the London Stock Exchange. It is expected that Admission will take place and that trading will commence on 17 October 2011.

The Placing is conditional upon, inter alia, Admission becoming effective. The Placing is also conditional on the Placing Agreement between the Company, Canaccord Genuity and BofA Merrill Lynch becoming unconditional and not being terminated in accordance with its terms. It is anticipated that the settlement date will be on 17 October 2011.

Following Admission, Rockhopper's issued share capital will consist of 284,154,596 Ordinary Shares of 1p each. As such, the total number of Ordinary Shares in Rockhopper to which voting rights are attached on the basis of one vote per Ordinary Share held will be 284,154,596.

The above total voting rights figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interests in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

Sam Moody, chief executive of Rockhopper said: "We are pleased to have successfully concluded this fundraise in very challenging market conditions, and are encouraged by the strong support of our shareholders for the continued development of Sea Lion and our longer term operational strategy."