Rockhopper's plans to farm out a majority stake in its North Falkland interests to Premier Oil have been approved by the Falkland Islands Government.
Premier is paying $231m for a 60% stake in Rockhopper's North Falkland Basin licences. An initial payment of $231m will be made in cash plus an exploration carry of up to $48m. Subject to field development plan approval it will also pay a development carry of up to $722m, bringing the total payment to $1bn.
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