Rockhopper falls on Sea Lion delays

Aim-listed oil and gas explorer Rockhopper’s shares plunged yesterday morning, despite the company posting a £47.1m profit this year, compared to a £53.8m loss last year. The North Falkland Basin-focused energy firm said that the final investment decision on its Sea Lion field development would not be made until the end of 2014 and admitted that it was embroiled in a legal dispute with the Falkland Islands government over the amount of tax it owed. “The Sea Lion development remains central to our strategy,” said chairman Dr Pierre Jungels in yesterday’s statement. “We have around 150m barrels of fully funded oil, which in the present financial market conditions is a good place to be.” Shares closed 12.6 per cent lower at £1.20.