Rockhopper to raise funds through placing

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails

Sign up to our free breaking news emails

Please enter a valid email address

Please enter a valid email address

SIGN UP

I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy

Rockhopper Exploration, the AIM-listed oil company, plans to raise up to £50m in a share placing to help fund the cost of exploration around the Falkland Islands.

It has also struck a deal with Desire Petroleum to buy a 52.5 per cent stake in a licence as it believes its key oilfield, the Sea Lion discovery, extends into that licence. Rockhopper is also in talks to raise $2bn to fund its exploration.