Rockhopper narrows its losses to $53m

FALKLANDS oil explorer Rockhopper yesterday said it had reduced its annual pre-tax losses by $33m. (£21.4m).

The drop in the year to 31 March to $53m came as exploration expenses went down.

Meanwhile the company said it was making progress on its Sea Lion field. Chairman Pierre Jumgels said: “Recent 3D seismic and further interpretation of the older 3D indicates that the exploration potential of the basin is significant and I have no doubts that more discoveries will be made.” The estimate for the Sea Lion project is 1.3bn barrels of oil. The company said it made four finds in the year.