Rockhopper Exploration PLC (AIM:RKH) shares climbed in Tuesday’s early deals after it announced a deal between Harbour Energy PLC (LSE:HBR) and Navitas Petroleum was approved by the UK and Falkland governments.
The company said the Falkland authorities also agreed to grant a two-year licence extension to all licences held by Rockhopper in the North Falkland basin, and, as a result they will all now run until November 2024.
Rockhopper noted the farm-out deal between Harbour and Navitas is expected to formally complete before the end of the third quarter of 2022, as it remains subject to certain other conditions.
Navitas is acquiring Harbour’s stake in the Sea Lion oil field development project, which is 35% owned by Rockhopper.
The plan, according to an update in April, is for Rockhopper and Navitas to jointly develop and agree on a technical and financing plan to take the Sea Lion field into production on a lower cost and expedited basis.
In London, Rockhopper shares were up 4.35% changing hands at 7.44p each.