Rockhopper Exploration Plc · LSE:RKH
Rockhopper Exploration — Merger or Acquisition (December 2021)
9 slides from Rockhopper Exploration's merger presentation, December 2021
Slide 1: Heads of Terms with Harbour to exit the Falklands and Navitas to farm-in
Heads of Terms with Harbour to exit the Falklands and Navitas to farm-in December 2021
Slide 2: Important Notice
Important Notice This Presentation does not constitute an offer or invitation or a solicitation of any offer or invitation for the sale or purchase of any securities in the Company. In addition, it is not intended to form the basis of or act as an inducement to enter into any contract or investment
Slide 3: Highlights
Highlights → Harbour will divest its licence interests in the Falkland Islands → Rockhopper and Navitas will seek to align working interests - Rockhopper 35%, Navitas 65%, subject to necessary consents → Rockhopper and Navitas to jointly develop a technical and financing plan to enable first oil on
Slide 4: Benefits of the proposed transaction
Benefits of the proposed transaction → Greater alignment and simplified commercial arrangements across the joint venture → Rockhopper retains a higher working interest in the Sea Lion project than under the previous Premier-Navitas transaction announced in January 2020 → The proposals continue to ma
Slide 5: Forward plan
Forward plan → Initial scoping work already commenced by Rockhopper in relation to a lower-cost, alternative development for Sea Lion utilising the existing extensive design and engineering work undertaken for the project in recent years → Finalisation of definitive documentation expected in Q1 2022
Slide 6: Navitas – an introduction
Navitas – an introduction → Navitas Petroleum LP is a publicly traded North American focussed E&P partnership (TASE:NVPT.L) → 2021 forecast production >5,000 boepd → Strong track record in equity and debt capital markets → Highly experienced team with track record of success in offshore developments
Slide 7: North Falkland Basin overview
North Falkland Basin overview Benign met-ocean conditions in c.450 meters water depth Extensively appraised → Excellent quality 3D seismic across entire field → 8 well penetrations, 2 production tests → Extensive suite of high quality well data → Discovered and independently audited oil resources of
Slide 8: Material upside potential
Material upside potential Capture 3C resource Low risk exploration upside located Further exploration and appraisal within Sea Lion close to Sea Lion of Isobel-Elaine 8
Slide 9: Summary
Summary → Harbour to exit the Falklands → Rockhopper to retain 35% in all Falklands licences → Navitas to acquire 65% in all Rockhopper Falklands licences and become Operator at completion → Navitas to strengthen offshore operating capability → Rockhopper retains material funding pre and post FID →
Rockhopper Exploration — Merger or Acquisition (December 2021) on 6ix