Rockhopper gets stake offshore Croatia

Rockhopper Exploration plc has been awarded a 40% interest in offshore Block 9 in Croatia in partnership with Eni (60% interest and operator). 

As previously reported, the Croatian Government has granted 10 licenses for exploration and exploitation of hydrocarbons in the Adriatic.

The block is located in the relatively shallow water of the prolific Northern Adriatic gas province and contains the previously discovered Ksenija accumulation along with the Klaudija prospect.

Rockhopper says that the anticipated work programme consists of seismic acquisition, processing and re-processing during the first exploration phase (3 years) with the drilling of a well in the second exploration phase (if Rockhopper elects to proceed to the second phase).

According to the company, signature of a Production Sharing Contract with the Croatian Hydrocarbon Authority must be completed by April 2, 2015.

In addition, Rockhopper has also applied for acreage in the first offshore licencing round in Montenegro. The outcome of such application is expected in Q1 2015.

Sam Moody, Chief Executive of Rockhopper, commented:

“We are delighted to be partnering with the leading international producer in Croatia as we build our position in our second core area of the greater Mediterranean region following the acquisition of MOG. This represents an outstanding low cost opportunity to increase our acreage position in an area with proven hydrocarbons.”

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