Rockhopper shares issue raises £206m

Rockhopper Exploration yesterday confirmed it had raised £206.3 million through a share placing to finance expansion of its exploration work around the Falkland Islands.

A total of 65.5 million new shares were issued at 315p with trading expected to start early next month.

The firm said the cash raised would help it further appraise its oil find at the Sea Lion well, drill more exploration wells and carry out further seismic tests across a wider area.