Rockhopper Gains in London on Report of Anadarko Talks
Stock Chart for Rockhopper Exploration PLC (RKH)
Rockhopper Exploration Plc (RKH) surged in London trading following a report that Anadarko Petroleum Corp. (APC) is in talks with the only company to have made a commercial oil discovery off the Falkland Islands.
Rockhopper advanced 5.5 percent to 340.25 pence as of the market close, the highest since February last year. The shares have increased 43 percent in the past six months.
The Sunday Times reported yesterday that Anadarko, a U.S.- based explorer, is in talks with Rockhopper that may lead to a takeover of the company. Anadarko executives last week met managers of the U.K. company, according to the report.
Patrick d’Ancona, a spokesman for Rockhopper, declined to comment, as did a spokesman for Anadarko.
Rockhopper Chairman Pierre Jungels said last month the company has a range of options for the Sea Lion prospect and that it will open a data room to seek partners. The company needs about $2 billion to develop the find off the islands that Margaret Thatcher went to war to keep British in 1982.
Desire Petroleum Plc, which owns acreage next to Rockhopper, advanced 10 percent.
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