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Rockhopper to raise funds through placing

Rockhopper Exploration, the AIM-listed oil company, plans to raise up to £50m in a share placing to help fund the cost of exploration around the Falkland Islands.

It has also struck a deal with Desire Petroleum to buy a 52.5 per cent stake in a licence as it believes its key oilfield, the Sea Lion discovery, extends into that licence. Rockhopper is also in talks to raise $2bn to fund its exploration.