Rockhopper Exploration Plc · LSE:RKH
Rockhopper Exploration — H1 2025 Earnings Presentation
11 slides from Rockhopper Exploration's earnings presentation, Sep 1, 2025
Slide 1: Rockhopper Exploration PLC Interims 2025
Rockhopper Exploration PLC Interims 2025
Slide 2: Approaching FID
Approaching FID Sea Lion – Navitas Petroleum (Operator) 65%, Rockhopper 35% • Technical and lending bank appointed to lead financing • Positive feedback from potential providers of capital • FID anticipated H2 2025 Independent resource evaluation net to Rockhopper 35% • Netherland Sewell Associates
Slide 3: Sea Lion Development – Rockhopper 35%
Sea Lion Development – Rockhopper 35% Gross 100% , Source NSAI Net RKH 35% , Source NSAI 1C 2C 3C 1C 2C 3C (mmbbls) (mmbbls) (mmbbls) (mmbbls) (mmbbls) (mmbbls) Development 470 727 939 Development 165 255 329 pending pending Development 78 180 300 Development 27 63 105 on hold on hold Development 6
Slide 4: Sea Lion Development – Phase 1 financing & FID
Sea Lion Development – Phase 1 financing & FID Phase 1 development 170 mmbbls 11 wells Project costs from FID to completion c.$2.058bn Senior secured financing $1 bn JV equity requirement $790mm, balance of funding from post first oil project cash flows RKH equity requirement $102mm + early project
Slide 5: Sea Lion Development – significant follow on
Sea Lion Development – significant follow on Phased development Gross 2C Contingent Resources (Development Pending) Phased development concept Project costs to first oil c.$1.680 bn Northern Area • Phase 1 + 2 314 mmbbls 23 wells • Phase 3 95 mmbbls 16 wells Central Area • Phase 1 215 mmbbls 12 well
Slide 6: Key commercial arrangements with Navitas
Key commercial arrangements with Navitas Funding arrangement between farm-in completion and Final Investment Decision (“Pre-FID Loan”) → Navitas to fund 100% of Rockhopper Sea Lion phase 1 project costs prior to FID (for any costs not met by third party debt financing)* → Repaid from 85% of Rockhopp
Slide 7: Ombrina Mare Arbitration Insurance Key Terms
Ombrina Mare Arbitration Insurance Key Terms On 3rd June 2025 Rockhopper confirmed that the Ombrina Mare Arbitration Award had been annulled in full The Company had previously announced an insurance policy for €31mm to cover this eventuality On 29th August 2025 Rockhopper confirmed that the full €31
Slide 8: Italian Exit
Italian Exit Transaction to exit all remaining Italian licences Reduces RKH P&A liabilities by approximately €12.5 million RKH paying €5.5million (see detail in RNS dated 29/08/2025) RKH retains material royalty in Monte Grosso and AC 19 – both potentially highly valuable Transaction requires Italia
Slide 9: Capital Raise – key information
Capital Raise – key information 2 Placings and Open Offer to raise up to c$150 million Firm Placing - $116 million • Firm placing completed • $116 million at 53p plus one underwriting warrant for every 4 shares at 80p • Funds held in escrow pending financial close for Sea Lion phase 1 development •
Slide 10: Capital Raise – reasons for raise
Capital Raise – reasons for raise Background Sea Lion is Rockhoppers main asset discovered in 2010 and initially farmed out in 2012 Sea Lion has an NPV 10 net to Rockhopper of $1.8bn at $70 Brent (NSAI report) with additional upside That value can only be unlocked if Rockhopper is funded to take FID
Slide 11: Summary
Summary Sea Lion a significant asset with upside • NSAI 2C 917mmbbls gross resources , of which 727mmbbls development pending • RKH net development pending 2C 255mmbbls • RKH net 2C 255mmbbls NPV 10 US$1.8billion* - NSAI Progressing towards FID • Lead technical and lending bank mandate signed by the
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