The Falkland Islands Government has approved changes Rockhopper Exploration's production licence interests held in the Falklands to permit the assignment of 60% of Rockhopper's licenses to Premier Oil and the approval of Premier Oil to become the operator of the licenses.
In July 2012 Rockhopper announced that it had entered into a conditional farm-out agreement with Premier Oil plc, whereby Premier agreed to acquire 60% of Rockhopper's interests in its North Falkland Basin licences. Formal completion of the farm-out process is anticipated shortly.
The changes to Rockhopper production licence interests the assignment of 60% of Production Licences PL023, PL024, PL032 and PL033, and 60% of Rockhopper's interest in PL003 and PL004, to Premier Oil Exploration & Production Ltd; and the approval of Premier Oil Exploration & Production Ltd to become operator of Production Licences PL023, PL024, PL032, PL033 and area PL004b of Production Licence PL004, according to the official release.
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