Rockhopper raises £3.8m ahead of drilling programme
23 May 2008
Rockhopper Exploration has completed a share placing and raised £3.8 million which will be used to fund drilling and for working capital and general corporate purposes.
Landsbanki Securities placed 3,780,000 new Rockhopper shares at a price of 101 pence each with institutional investors.
Dr Pierre Jungels, executive chairman of Rockhopper, said: “We are delighted with the strong support shown in this placing by our existing institutional shareholders and also to welcome a number of new institutional shareholders to Rockhopper.”
In April Rockhopper said it was getting closer to drilling at its licences in the North Falkland basin, where it estimates there could be over 3.5bn barrels of recoverable oil.
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