Business
Financial Close on Sea Lion Project
Rockhopper Exploration plc has achieved Financial Close on the Sea Lion Project, confirming all key contracts for Phase 1 are in place with an estimated budget of US$2.1 billion. The company has successfully completed a placing, raising approximately US$142 million through the issuance of new ordinary shares at 53 pence each, and is launching an open offer to existing shareholders. This funding fully covers Rockhopper's equity portion for Phase 1, and upon admission of new shares on December 31, 2025, the total issued ordinary share capital will be 847,316,741 shares. Disclaimer*
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.\nUnless otherwise defined, capitalised terms in this announcement have the meaning ascribed to them in the Definitions section set out in the Company's announcement released on 31 July 2025.\n \n22 December 2025\n \nRockhopper Exploration plc\n(\"Rockhopper\" or the \"Company\")\nFinancial Close on Sea Lion Project\nCompletion of Placing and Launch of Open Offer\n \nRockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin, is pleased to announce that further to the announcement made on 10 December 2025 regarding the Company taking the Final Investment Decision (\"FID\") on the Sea Lion Project, Financial Close has now occurred.\n \nAccordingly, the Placing, as announced on 31 July 2025, will proceed to completion and the Company will proceed to launch the Open Offer.\n \nAll key contracts in connection with Phase 1 of the Sea Lion Project have now been negotiated and entered into by the operator Navitas Petroleum and Development Limited (\"Navitas\"). The budgeted costs from FID to project completion, including appropriate schedule and capex contingencies and financing costs, remain at US$2.1 billion as announced in July 2025. On this basis, taking into account the proceeds of the Placing, the Company is fully funded for its equity portion of Phase 1 of the Sea Lion Project.\n \nSam Moody, Chief Executive Officer of Rockhopper Exploration, commented:\n \n\"I am delighted that we have reached Financial Close on the Sea Lion Project, arguably the single most important day in our history since we made the Sea Lion discovery. We now look forward to entering the development phase for the field with our partner and operator, Navitas, who have done an exceptional job both re-engineering the development and leading the fi...