Rockhopper acquires Falkland Oil & Gas

Falkland Islands

STANLEY, November 24, 2015 – Rockhopper Exploration will purchase Falkland Oil & Gas in a deal worth £57.1 million ($87 million).

Rockhopper, a UK-headquartered upstream company, said on Tuesday that Falkland Oil & Gas shareholders would be issued around 0.3 of Rockhopper stock for each of their Falkland shares.

This would amount to an 11-percent premium on Falkland’s closing shares on Monday, Rockhopper said. Following the announcement, these shares were up more than 6 percent on Tuesday.

Chairman of the UK company Pierre Jungels said Rockhopper now has “the largest regional acreage position and most discovered resources, coupled with a strong balance sheet.”