Rockhopper Exploration Plc · LSE:RKH
Rockhopper Exploration — Investor Presentation (September 2016)
13 slides from Rockhopper Exploration's investor presentation, Sep 28, 2016
Slide 1: Investor Presentation
Investor Presentation Building a well-funded, full-cycle, exploration led E&P company 28 September 2016
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: Rockhopper overview
Rockhopper overview … building a well-funded, full-cycle, exploration led E&P company o Focused on the North Falkland Basin and Greater Mediterranean o Leading acreage holder in the Falklands • c.50% interest in 520 million barrel discovered and fully appraised Sea Lion oil field • Near field, low r
Slide 4: North Falkland Basin
North Falkland Basin
Slide 5: Growing our asset base in the Falklands
Growing our asset base in the Falklands …through exploration and acquisition Following the merger with FOGL (completed in January 2016), Rockhopper has: • Consolidated its leading North Falkland Basin acreage position • Gained operatorship of licences PL003a, PL003b and PL005 • Undertaken independen
Slide 6: Contingent oil resources >300 MMstb, net to Rockhopper
Contingent oil resources >300 MMstb, net to Rockhopper Management Resources utilised 25% RF (Best) 35% RF (High) against ERCE audited STOIIP values Not included in ERCE 2016 Audit: Johnson 2C — 64.6 mmboe (GCA 2012) 6 Liz 2C — 60.5 mmboe (Senergy 2012)
Slide 7: Sea Lion phase 1 development update - $45/bbl breakeven price
Sea Lion phase 1 development update - $45/bbl breakeven price “Collaborative partnership” Progressing through FEED Subsea FPSO • Conceptual design work completed in late 2015 Installation • FEED contracts awarded in January 2016 • Facilities capex and opex cost estimate reductions from FEED contract
Slide 8: Securing multiple development phases
Securing multiple development phases …successful exploration campaign establishes Phase 2 and 3 viability Phase 1 Sea Lion Complex Phase 2 Resource RKH WI % Isobel-Elaine (mmbbl) Complex Phase 1 220 40% Phase 3 Phase 2 300 40 – 64% Source: Premier Oil Source: Premier Oil 8
Slide 9: Significant low risk, near field drill ready prospects
Significant low risk, near field …drill ready prospects Notes : Drill target number for reference only – no ranking implied, all prospective numbers unrisked Prospects not included in ERCE 2016 Audit (Gross Best): 9 GCA 2012 Audit 212MMstb George, Berkeley & S2 Senergy 2012 Audit 194MMstb Ann / Orca
Slide 10: Greater Mediterranean
Greater Mediterranean 10
Slide 11: Growing our asset base in Greater Mediterranean
Growing our asset base in Greater Mediterranean …Acquisition of Beach Egypt materially increases production Abu Sennan (RKH 22%) • Kuwait Energy operator • 1,100 boepd net (based on last 12 months) • Active drilling program to target near-field upside Guendalina (RKH 20%) • Eni operated • Currently
Slide 12: Abu Sennan - Western Desert (Rockhopper 22%)
Abu Sennan - Western Desert (Rockhopper 22%) o Five fields currently producing (~90% oil) o Active drilling program with historic success rate of >75% o Quality crude with small discount to Brent o Unit cash operating costs $8 per barrel o Recent exploration success at Al Jahraa SE adds material res
Slide 13: Funding update
Funding update o Cash at 1 September 2016: $75 million o Spend in H1 2016 comprised • Falkland Islands (Sea Lion FEED and exploration): $38 million • Greater Mediterranean: $2 million • Admin and miscellaneous: $5 million o Following recent completion of Egyptian acquisition, corporate costs largely
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