Outgoing chairman of Rockhopper Exploration said the company was in the “strongest possible” position it had been in for “some considerable time” as a new leadership takes over on 1 October.
EXPERIENCE
Keith Lough and non-executive director John Summers leave on 30 September after nine “challenging and enjoyable” years to make way for former Capricorn chief executive officer Simon Thomson and chief operating officer Paul Mayland.
“We have a committed, focused, and capable partner that has already worked up a hugely impressive lower cost, highly capital efficient project at Sea Lion,” Mr Lough told shareholders in statement today.
“In addition, the stay of enforcement on our €190 million ICSID [against Italy] award is now lifted and we are working with our advisers on all avenues to monetise this award.
“Our 2022 capital raise allowed us to extend our licences, bring Navitas on board and continue to contest the arbitration.
“We welcome Simon Thomson and Paul Mayland to the board, bringing with them a wealth of directly relevant experience in the industry and detailed knowledge of Sea Lion.
“I wish the new board and all holders every success for the future, and I know your company remains in the best possible hands.”
During H1 2023, the South Falklands-focused explorer has been refining a new lower cost development and financing plan for the Sea Lion project, pending partner Navitas Petroleum LP’s final investment decision next year.
Rockhopper also continued legal negotiations over compensation following Italy’s ban on exploration within 12 miles of the coastline, affecting the company’s Ombrina Mare assets.
As at 30 June, Rockhopper had cash and term deposit balance of US$6.7 million.