StockMarketWire.com - Falkland Islands focused oil company Rockhopper Exploration booked deeper annual losses after it wrote down the value of assets in Egypt and Italy.

Pre-tax losses for the year through December amounted to $20.6m, compared to losses of $7.1m on-year.

Rockhopper said all parties involved in the Sea Lion development remained committed to completing a planned investment by Navitas for a 30% stake, despite the recent slump in oil prices.

Chairman Keith Lough said the recent sale of the company's Egyptian assets put it in a relatively stable financial position, with cash at 1 April of about $22m.

'We look forward to the finalisation and ultimate completion of the farm-out to Navitas which we believe validates the world-class nature of the Sea Lion asset and enhances, once the oil price and capital markets recover, the prospects of securing the requisite senior debt to allow sanction,' Lough said.


At 9:29am: [LON:RKH] Rockhopper Exploration PLC share price was +0.04p at 6.94p



Story provided by StockMarketWire.com