Rockhopper Exploration Plc · LSE:RKH

Rockhopper Exploration — Shareholder Meeting (September 2013)

12 slides from Rockhopper Exploration's shareholder meeting presentation, Sep 26, 2013

  1. Slide 1: Rockhopper Exploration: Focused on the Falklands

    ROCKHOPPER EXPLORATION Focused on the Falklands Annual General Mee7ng 26 September 2013

  2. 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

  3. Slide 3: Introduction: Building a Solid Foundation

    INTRODUCTION BUILDING A SOLID FOUNDATION § Rockhopper has aHracted a partner with both the financial and technical resources to exploit the Sea Lion oil field. § The company has a very strong balance sheet and is fully financed for its share of Sea Lion development costs. § The project has made good

  4. Slide 4: Sea Lion & Satellites Update

    SEA LION & SATELLITES UPDATE SUBSURFACE MODELS COMPLETE, OPTIMISATION ONGOING § The latest modelling suggests 2C resources of c.337mmbbl in the SLMC if a gas cap is Sea Lion & Satellites Mid Case Resources present on the western flank of the field. Phase 1 Phase 2 Added in % in (cum.) Phase 2 Phase 1

  5. Slide 5: Sea Lion Project: Phased Drilling

    SEA LION PROJECT PHASED DRILLING § Rockhopper and Premier con7nue to favour a phased drilling star7ng in the north of the field where c.284mmbbl of Sea Lion’s resources are located. The ini7al field development plan will be submiHed on this basis. § Ini7al produc7on rates in excess of 100,000 bopd a

  6. Slide 6: Sea Lion Project: Examining an Alternative Concept

    SEA LION PROJECT EXAMINING AN ALTERNATIVE CONCEPT § Premier has confirmed that an FPSO solu7on The Snorre TLP for the Sea Lion development is viable and meets its internal metrics. § However, it is possible that a TLP will improve the economics of the project: ­ Reduced drilling and SURF costs. ­ I

  7. Slide 7: Exploration Upside: Drilling Plans

    EXPLORATION UPSIDE DRILLING PLANS § Opportunity for Rockhopper/Premier to enter into a rig sharing arrangement with other Falkands operators. Three slots for the joint venture have been included in the recent EOI. § Other contrac7ng strategies either to undertake an independent campaign or to sour

  8. Slide 8: Exploration Upside: Well Drill Targets

    ECHATHAM XPLORATION UPSIDE WELL DRILL TARGETS LION GAS CAP/CHATHAM & ZEBEDEE SEA § Technical analysis reveals the possibility (es7mated at 50%) of CHATHAM a of non-­‐equilibrium gas cap on the western flank of Sea Lion. SL20 If absent an es7mated 65mmbbls of reserves are proved in addi7on to the 337

  9. Slide 9: Financial Review: Balance Sheet Strengthened

    FINANCIAL REVIEW BALANCE SHEET STRENGTHENED Income statement US$ million § Pre-­‐tax profit in the year to 31 March 2013 of $47 Underlying opera7ng loss (13) million a`er an excep7onal gain of $59 million. Excep7onal gain 59 Pre-­‐tax profit 47 § Post-­‐tax loss of $75 million reflects current tax of

  10. Slide 10: Financial Review: Tax Return Submitted

    FINANCIAL REVIEW TAX RETURN SUBMITTED § In May 2013, a tax return was submiHed to the Falkland Islands Government Tax Office (“FIGTO”) that recognised a CGT liability related to the farm-­‐out of RKH FIG CGT liability esPmates* GB£’m GB£’m GB£52 million. Total 52 195 1st installment 24 33 § In June

  11. Slide 11: Financial Review: Creating Distributable Reserves

    FINANCIAL REVIEW CREATING DISTRIBUTABLE RESERVES § At a General Mee7ng In June 2013, shareholders voted in favour of a proposal to cancel the Share Premium Account in order to create distributable reserves. § At the same mee7ng, shareholders also voted in favour of a proposal to give the company a

  12. Slide 12: Summary: Growing Long-Term Value

    SUMMARY GROWING LONG-­‐TERM VALUE § Rockhopper is fully funded for its share of capital expenditure on Sea Lion through the development carry and standby financing provided by Premier Oil. § Rockhopper has an aligned and experienced operator with significant experience in analogous opera7ng environm

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