Source - SMW
Rockhopper Exploration said a letter of intent had been signed with Diamond Offshore Drilling for provision of a drilling unit for the Sea Lion Phase 1 development in the North Falkland Basin, of which it has a 40% stake.

The letter granted a period of exclusivity until 31 December during which time the joint venture would negotiate binding documentation based on agreed principles for the provision of the drilling unit and vendor financing.

'We believe that teaming up with Diamond is a significant step in our continued progress towards sanction with our partner Premier Oil,' chief executive Samuel Moody said.

'Having already signed LOIs for the provision of well services and logistical support, focus now moves to the sub-sea equipment suppliers where we hope to make progress during the remainder of Q1 as we continue discussions on the senior debt element of the financing plan.'

At 9:21am: (LON:RKH) Rockhopper Exploration PLC share price was -1.75p at 23.65p