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Rockhopper Soars After Report Cairn in Talks With Explorer

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Rockhopper Soars After Report Cairn in Talks With Explorer
Rockhopper penguins gather on Sea Lion Island in the Falkland Islands archipelago. Photographer: Michael Luongo/Bloomberg

Jan. 16 (Bloomberg) -- Rockhopper Exploration Plc climbed to an 11-month high in London trading after a report that Cairn Energy Plc is in talks with the only company to have made a potentially commercial oil find near the Falkland Islands.

Rockhopper rose 10 percent by the 4:30 p.m. market close to 303.75 pence, the highest since February.

The Sunday Times newspaper reported yesterday that Cairn is in talks with Rockhopper, without saying where it got the information. The Financial Times said today that discussions last year didn’t lead to a deal, though talks could resume in the next few weeks.

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.

Cairn Energy doesn’t comment on rumors, a spokesman, who declined to be identified citing company policy, told Bloomberg News by phone yesterday. Rockhopper spokesman Patrick d’Ancona declined to comment.

Desire Petroleum Plc, which owns acreage next to Rockhopper, climbed 4.4 percent.

To contact the reporter on this story: Brian Swint in London at bswint@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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