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Rockhopper Exploration has received formal agreement from the Falkland Islands government and both relevant licensees to the farm-out agreement with Premier Oil Exploration & Production Ltd.
The executive council of the Falkland Islands government approved changes to the company’s production license interests held in the Falkland Islands to permit: the assignment of 60% of production licenses PL023, PL024, PL032, and PL033, and 60% of Rockhopper’s interest in PL003 and PL004, to Premier Oil; and the approval of Premier Oil to become operator of production licenses PL023, PL024, PL032, PL033, and area PL004b of production license PL004, according to a news release.
Formal completion of the farm-out process is anticipated soon.