Rockhopper shareholders suggest sale

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Rockhopper shareholders have suggested that the UK-listed oil exploration company should begin a sale process.

Speculation followed a meeting yesterday, March 21, between Rockhopper and shareholder Crispin Odey, whose Odey Asset Management holds a stake of more than 10% in Rockhopper.

Odey has publicly stated that he wants Rockhopper to return around half of the £178m (US$230m) received by the company for its 60% stake in the Sea Lion oil field to shareholders, either via a special dividend or a share buy-back.

The Times reports that Rockhopper prefers to use the cash to finance further drilling.

Rockhopper shares closed 9p up at 160p, valuing the company at £454m (US$689m).

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