Rockhopper picks up key finance deal

Rockhopper picks up key finance deal

Rockhopper Exploration discovered oil off the Falklands eight years ago

Plans to produce oil  off the Falkland Islands are a step closer after Rockhopper Exploration and Premier Oil hired Standard Chartered to work on financing the $1.5 billion project. Rockhopper said that Standard had been “appointed as pathfinder bank  in  relation  to  the proposed senior debt project financing” for the first phase of development.

Rockhopper discovered oil off the Falklands in 2010 and secured Premier Oil’s investment in 2012. Development  hit  the  rocks  after  oil  prices  slid  but  the  companies  are  now  optimistic  after higher oil prices revived investor interest in the sector.

Analysts at Peel Hunt said that it was “an important step in the process to secure funding for the project”.

They raised the odds of the project going ahead to 40 per cent from 30 per cent and upped  their target price for Rockhopper shares to 70p from 60p. Rockhopper shares closed up ¼p at 40¾p.

 

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