Rockhopper Exploration Plc · LSE:RKH
Rockhopper Exploration — Shareholder Meeting (June 2026)
19 slides from Rockhopper Exploration's shareholder meeting presentation, June 2026
Slide 1: Unlocking Value in the South Atlantic Basin
Unlocking Value in the South Atlantic Basin 2026 AGM June 2026
Slide 2: Important notice
Important notice The information contained in this document (the “Presentation”) has been prepared and distributed by Rockhopper Exploration PLC (the “Company”). It has not been fully verified and is subject to material updating, completion, revision, verification and further amendment. This Present
Slide 3: 2025 – A Year of Delivery
2025 – A Year of Delivery → Development of Phase 1 of the Sea Lion field sanctioned → Equity raises completed to fully fund the development of Phase 1 of Sea Lion → Placings raising US$142 mm → Oversubscribed open offer raising a further US$9 mm → 2025 Year end cash balance US$179 mm * → Project fin
Slide 4: Rockhopper at a glance
Rockhopper at a glance AIM listed O&G company with key assets in the North Falkland Basin 35% working interest in the Sea Lion oil field development & surrounding acreage 2P + 2C 321MMBBLS net to RKH 2P + 2C NPV 10 net to RKH $2.2bn* Phase 1 currently under development with first oil due 2028 Fully
Slide 5: Sea Lion Key Numbers
Sea Lion Key Numbers $2.2 bn 321 MM BO 35 % NPV10 2P+2C Net to RKH* 2P+2C Net to RKH1 Working Interest $0.75 bn2 MARCH 2028 Phase 1 development Expected First Oil budget Net to RKH 19 MMBOE/D NAVITAS Phase 1 Expected daily Operator production net to RKH * NSAI report, 31.12.2025. Assumes development
Slide 6: Rockhopper history
Rockhopper history Navitas farm-in Sea Lion discovered Admitted to AIM and appraised Navitas becomes operator 2021 Additional RKH Project redefinition 2010 - 2011 2022 2005 led exploration and FEED 2023 - 2024 First Oil 2012 2015 2028 2006-2009 2016 - 2020 Farmout 2014 - 2015 2025 2026-2027 Rockhopp
Slide 7: North Falkland Basin – Operational Track Record
North Falkland Basin – Operational Track Record 7
Slide 8: Sea Lion field location and tectonic setting
Sea Lion field location and tectonic setting → Situated on the southern part of the South American tectonic Plate on the Falklands Plateau → Approx. 220km north of the Falkland Islands in the North Falkland Basin (NFB) → The NFB is a north-south trending Atlantic failed rift filled primarily with Ea
Slide 9: Sea Lion – significant running room
Sea Lion – significant running room Sea Lion Field – development sanctioned → NSAI 2P gross reserves 313.8 MMstb in Northern Development Area (“NDA”) Phase 1 & 2 → NSAI 2C unrisked gross Development Pending 413 MMstb in NDA Phase 3 and Central Development Area (“CDA”) Phase 1 & 2 Discovered – Isobel
Slide 10: NSAI report – net RKH – oil only
NSAI report – net RKH – oil only* Reserves Net RKH WI NPV10 mmbbls USD mm* 2P 110mmbbls 1P 80.7 720.9 2C 211mmbbls 2P 109.8 965.8 2P + 2C $2.2bn NPV 10** 3P 142.8 1,269.0 Contingent Development Development Development Total NPV 10 Resources pending on hold not viable USD mm* mmbbls mmbbls mmbbls 1C
Slide 11: Key commercial arrangements with Navitas
Key commercial arrangements with Navitas Pre-FID loan Post-FID loan Navitas to fund 100% of Rockhopper Sea Lion Navitas to fund 66.667% of Rockhopper Sea Phase 1 project costs prior to FID (for any costs Lion Phase 1 project costs (for any costs not met not met by third party debt financing)* by thi
Slide 12: Sea Lion Development – Phase 1 funding
Sea Lion Development – Phase 1 funding RKH $350MM senior debt ➔ Key deliverables: $350 MM Debt $210 MM Navitas Rates of 55,000 stb/d Loan $107 MM Equity Phase 1 develops 170mmbbls 2P First Oil 2028 Navitas loan covers 2/3rds of RKH net equity including cost overruns CAEPX costs include financing cos
Slide 13: Project schedule
Project schedule 2024 2025 2026 2027 2028 Item Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Regulatory Approvals Production Consent SL Financial close Final Investment Decision Design and Procurement FEED Detail design / FPSO procurement On-Island Infrastructure Dock facility upgrade and supply base construc
Slide 14: On Island work
On Island work Main Image – view of laydown yard, warehouses and energy dock with Stanley in the background Other images (clockwise from top right) – laydown area and warehouses from above, warehouse construction, energy dock causeway progress, energy dock looking east, new permanent causeway for en
Slide 15: Phased development
Phased development Rockhopper Licences Navitas 65% Operator ➔ World Class Oil Reserves and RKH 35% NDA Northern Resources Sea Lion Development Area ➔ 917 MM BO third-party certified 2C+2P1 CDA Central ➔ Extensive Appraisal Dataset Development Area ➔ Sea Lion Phase 1+2 Project: SDA Southern Developme
Slide 16: Navitas – our partner in the Falklands
Navitas – our partner in the Falklands ➔ Navitas Petroleum LP is a publicly traded North American focussed E&P partnership (TASE:NVPT.L) ➔ Strong track record in equity and debt capital markets ➔ Highly experienced team with track record of success in offshore developments ➔ Shenandoah oil/gasfield
Slide 17: Italian Exit & Ombrina Mare
Italian Exit & Ombrina Mare → Transaction to exit all remaining Italian licences → Reduces Rockhopper P&A liabilities by approximately €13.3 MM → Rockhopper paying €5.5 MM (see detail in RNS dated 14/10/24) → Rockhopper retains material royalty in Monte Grosso and AC 19 – both potentially highly val
Slide 18: Balance Sheet and Shareholder structure/register
Balance Sheet and Shareholder structure/register Significant shareholders Balance Sheet (unaudited end-2025) Number % of issued share of shares capital Year end cash balance c$179MM Noked Capital 79,004,742 9.17% Aedos Advisers 67,573,228 7.84% Brosh Funds 43,645,032 5.06% ION Fund Management 33,038
Slide 19: Summary
Summary The focus • RKH is a Falklands-focused E&P company, with a strong track record in the basin and an experienced team, responsible for the Sea Lion discovery • 2P + 2C total 320mmbbls net to RKH The plan • RKH has a strong partner in Navitas with a phased development plan for Sea Lion • Phased
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