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Wednesday, November 25, 2015
Rockhopper Exploration is taking over Falkland Oil and Gas (FOGL), with the boards of both companies believing that a combination of Rockhopper and FOGL represents a compelling opportunity for shareholders of both companies to benefit. The takeover deal values FOGL at $86.5 million.
The combined group is expected to be the largest North Falkland Islands license and discovered resource holder with a material working interest in all key licenses;having enhanced prospects of progressing the Sea Lion project through the FID. The combined group will also have greater exposure to exploration and appraisal upside potential and benefit from enhanced scale and capabilities creating value in the current market environment.
Commenting on the merger, Pierre Jungels, Chairman of Rockhopper said: “This transaction enhances Rockhopper’s position in the Falkland Islands, with the largest regional acreage position and most discovered resources, coupled with a strong balance sheet. By combining Rockhopper and FOGL, we shall create a more coherent license ownership structure in the North Falkland Basin, driven by a technically accomplished organization with a strong exploration and appraisal track record, well positioned to access the opportunities in this emerging hydrocarbon province. The Rockhopper Board believes this merger will also add further momentum to the on-going work to progress the development of discovered resources in the area towards commerciality.”
Also commenting on the merger, John Martin, Chairman of FOGL said: “FOGL has built a significant portfolio of discovered resources in the Falkland Islands region despite the challenging market conditions. The enhanced scale, capabilities and financial position of the merged FOGL and Rockhopper entity will provide FOGL Shareholders with a platform from which to bring these quality resources into development. As a result, the FOGL Board intends unanimously to recommend that FOGL Shareholders accept the proposed transaction.”
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