Rockhopper Exploration Plc · LSE:RKH
Rockhopper Exploration — Shareholder Meeting (June 2024)
10 slides from Rockhopper Exploration's shareholder meeting presentation, June 2024
Slide 1: Rockhopper AGM June 2024
Ks ROCKHOPPER EXPLORATION PLC Rockhopper AGM June 2024
Slide 2: Progress on all fronts
Progress on all fronts Sea Lion • Increase in recoverable resources • Decrease in costs • Good contractor engagement including identifying suitable and available FPSOs • EIS public consultation commenced Ombrina Mare • Transaction to monetise award completed – Tranche 1 payment received • Annulment
Slide 3: Sea Lion Development
Sea Lion Development Work continues on refining the development through submission of the final FDP draft to FIG and ongoing FEED Navitas commissioned new independent audit of resources from Netherland Sewell and Associates (NSAI) Increase in 2C resource from 712 to 791mmbls • Phased development – d
Slide 4: Sea Lion Development
Sea Lion Development 1C (mmbbls) 2C (mmbbls) 3C (mmbbls) Development pending 228 312 406 Development unclarified 281 479 757 Total 509 791 1,163 Gross Field NPV10 > $4bn* RKH holds 35% working interest *Based on the NSAI Independent Report data, the joint venture NPV10 of the development of 312 mmbb
Slide 5: Rockhopper / Navitas - key commercial terms
Rockhopper / Navitas - key commercial terms 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 Rockhoppe
Slide 6: Ombrina Mare Arbitration Monetisation Key Commercial Terms
Ombrina Mare Arbitration Monetisation Key Commercial Terms Rockhopper is monetising its Ombrina Mare Arbitration by means of a new funded participation agreement, consideration is in 3 tranches Tranche Payment Condition & Timing Gross Amount Retained by RKH Tranche 1 Upfront payment on completion €4
Slide 7: Benefits of the Ombrina monetisation transaction
Benefits of the Ombrina monetisation transaction Materially strengthens Rockhoppers balance sheet with no dilution De risks the arbitration annulment process and maintains significant upside exposure Removes future costs associated with the Arbitration Materially accelerates monetisation when compar
Slide 8: Ombrina Mare Arbitration Background
Ombrina Mare Arbitration Background Rockhopper acquired Mediterranean Oil and Gas (“MOG”) PLC in 2014 At that time, the Ombrina Mare oil field (key element of the MOG portfolio) was capable of being developed under Italian legislation Rockhopper and its subsidiaries had obtained all required environ
Slide 9: Corporate Developments
Corporate Developments Board succession • New Non – Executive Chairman Simon Thomson • New Non – Executive Director Paul Mayland • Both have extensive direct relevant experience Balance sheet • Over 90% of warrants exercised • 641 million shares in issue as at 10 January 2024 • Year end cash balance
Slide 10: Summary
Summary A positive year on all fronts Sea Lion development the most advanced in its history Ombrina Monetisation potentially provides all of Rockhoppers Sea Lion project equity Board succession completed Strong balance sheet 10
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