Shares in Rockhopper Exploration were up 3.7% mid September as the company boosted production after acquiring assets in Egypt, Proactive Investors reported.
Rockhopper’s Chairman, David McManus, said: “as a result of the recently concluded acquisition of Beach Egypt, our production for the remainder of 2016 is estimated to be approximately 1,500b/d of oil equivalent, with operating cash flows expected to broadly cover the group’s overheads going forward,” according to Digital Look.
Rockhopper Exploration progressed on integrating its recent acquisitions, while completing a resource audit of its acreage in the North Falklands basin and increasing production from its Italian and Egyptian sites. The group said it had maintained balance sheet strength with cash resources at September 1 of about $75m, with revenues for the first six months of 2016 increasing by about 45% to $2.9m, compared to the same period in 2015.
In mid August 2016, the company announced that it purchased Beach Petroleum (Egypt) Pty Limited for $11.9m. The acquisition was funded by the company’s existing cash resources with Beach Petroleum retaining the majority of the Egyptian General Petroleum Corporation (EGPC) receivables balance.