Falklands and Mediterranean-focused explorer Rockhopper Exploration has taken a step forward in its plans to develop an offshore Italy oil field.
The firm's Ombrina Mare field environmental impact assessment has been approved by Italy's Minister for the Environment and countersigned by the Ministry of Cultural Heritage.
Italy's Ministry of Economic Development will now have to complete the process to award the Ombrina Mare Production concession.
Italy's offshore oil and gas exploration industry has been held back for a number of years, with lengthy delays around permit approvals. Last year, glimpses of improvement were seen, with the Italian government keen to improve the country's economy and reduce imports.
Operated by Rockhopper, the Ombrina Mare discovery is an appraisal / development project off Italy's Abruzzo region in the shallow waters of the Central Adriatic.
Subject to the above approvals, Rockhopper plans to drill and test an appraisal well to extend existing resource estimates and to optimize plans for the development of the asset prior to project sanction. Rockhopper took over the license after acquiring Mediterranean Oil & Gas last year.
Sam Moody, Rockhopper's CEO, said: "We are delighted to report progress on the Ombrina Mare project. While additional approvals are still required before we move into the Production Concession, we consider this to be a significant milestone towards unlocking the project."
Rockhopper has also agreed to acquire a portfolio of non-operated production and exploration interests in Egypt by taking over Beach Energy for US$22.0 million.
The stakes include a 22% interest in the onshore Abu Sennan concession; and a 25% interest on the eastern shore Gulf of Suez El Qa'a Plain concession.
Current working interest production from Abu Sennan of approximately 1300 boe/d, net to Rockhopper. 2P plus 2C reserves and resources at the effective date of 1 July 2015 are estimated at 4.5 MMboe, net to Rockhopper
The acquisition anticipated to complete in late 2015 / early 2016 (subject to satisfaction of certain conditions).
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