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Rockhopper makes takeover offer for Falkland Oil and Gas

25 Nov 2015

Rockhopper has made a £57.1 million takeover offer for rival Falkland Oil and Gas to breathe new life into the islands hit by weak oil prices.

The deal will reinvigorate drilling plans in the Falklands basin, a resource-rich area in the southern Atlantic where exploration remains controversial due to ongoing tensions between Britain and Argentina over the sovereignty of the islands.

“By combining Rockhopper and FOGL, we shall create a more coherent licence ownership structure in the North Falkland Basin,” says Pierre Jungels, chairman of Rockhopper, “driven by a technically accomplished organisation with a strong exploration and appraisal track record, well positioned to access the opportunities in this emerging hydrocarbon province.”