Slide 1: Rockhopper Exploration Plc Corporate Update November 2012
ROCKHOPPER EXPLORATION PLC CORPORATE UPDATE NOVEMBER 2012
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: Corporate Snapshot
ROCKHOPPER EXPLORATION PLC CORPORATE SNAPSHOT Interests in 8 licences in the North Falkland Market data(3) Basin (NFB). Exchange AIM 38% of the Sea Lion oil field (321 mmbbl gross) Ticker RKH and 30% of adjacent discoveries (65 mmbbl Price(4) 155p gross)(1) 52 week range 151p – 399p First oil a
Slide 4: Rockhopper Exploration Track Record
ROCKHOPPER EXPLORATION TRACK RECORD 2004 ‐ 2005 • Rockhopper is established and granted licences PL023, PL024, PL032 and PL033 in the NFB. Farm‐in to licences PL03 and PL04. • IPO and admission to AIM raising £15 million. 2006 ‐ 2008 • 850km² 3D seismic survey in licences PL032 and PL033. • Tota
Slide 5: Farm Out to Premier Oil: Highlights of the Transaction
FARM OUT TO PREMIER OIL HIGHLIGHTS OF THE TRANSACTION Farm‐out to Premier Oil announced on 12 July 2012 ObjecUves • To ahract an experienced and capable operator to develop Sea Lion. • To fully finance the project. • To retain a material stake. Terms of Farm Out • Premier will acquire 60% of al
Slide 6: Farm Out to Premier Oil: Current Status
FARM OUT TO PREMIER OIL CURRENT STATUS TransacUon • Handover to Premier commenced immediately post announcement. • CompleUon occurred mid‐October 2012. • Operatorship transferred end‐October 2012. Development Plan • FPSO in 450m water depth; tanker offloading. • Associated gas used as fuel or re‐i
Slide 7: NFB Acreage Position Post Farm Out
NFB ACREAGE POSITION POST FARM OUT Licence Rockhopper interest PL032 40% PL033 40% PL023 40% PL024 40% PL003 3% PL004a 3% PL004b 24% PL004c 10% 7
Slide 8: Exploration Upside: Significant Potential in North Falkland Basin
EXPLORATION UPSIDE SIGNIFICANT POTENTIAL IN NORTH FALKLAND BASIN Rockhopper has a strong understanding of the NFB and retains the sub‐surface lead in exploraUon. Appraise exisUng candidates for Ue‐back to Sea Lion FPSO (Casper, Casper South, and Beverley). MulUple oil prospects with >20% GCoS
Slide 9: Exploration Upside: New Ventures & People
EXPLORATION UPSIDE NEW VENTURES & PEOPLE AMI with Premier Oil • Targets a geological province that is conUnuaUon of the Cretaceous riped eastern margin play of the opening of the South AtlanUc. • Lower Cretaceous lacustrine / marine source potenUal within primary oil window offshore South Africa an
Slide 10: Summary: Rockhopper Going Forward
SUMMARY ROCKHOPPER GOING FORWARD Rockhopper is fully funded for its share of capital expenditure on Sea Lion through the US$722 million (net) development carry and standby financing arrangement provided by Premier Oil. Rockhopper has an aligned and experienced operator with significant experience
Slide 11: Appendix
APPENDIX ROCKHOPPER EXPLORATION PLC 11
Slide 12: Operations: Drilling Efficiency (AGR Data)
OPERATIONS DRILLING EFFICIENCY (AGR DATA) WaiUng‐on‐weather Non‐producUve Ume NFB vs. North Sea NFB vs. North Sea A ll wells average (46 A ll wells average (46 9.5% 18.5% wells ) wells ) N o rth S ea average (35 N o rth S ea average (35 10.6% 20.8% wells ) wells ) O c ean G uardian N F B O c ean G u
Slide 13: Operations: Metocean Conditions
OPERATIONS METOCEAN CONDITIONS 13
Slide 14: Farm Out: Standby Financing & Tax Treatment
FARM OUT STANDBY FINANCING & TAX TREATMENT Financing arrangement with Premier Oil Expected tax treatment • Available on all development capex (pre and post first oil). • Branch elecUons effecUve from 1 April 2012 mean that • Once the field is cash flow posiUve on a quarterly basis, the this is outside t
Slide 15: Exploration Prospect Inventory – Fan Play Type
EXPLORATION PROSPECT INVENTORY – FAN PLAY TYPE Fan Name Block WI % Gross Unrisked Prospec$ve Resources MMBBLS GCoS % Low Best High SL30 PL032 40 8.5 13.0 18.6 22 Casper South PL032 40 3.8 6.2 9.1 16 Casper South PL004c 10 5.3 8.1 11.3 16 Beverley West PL004b 24 7.7 12.8 19.6 34 Beverley PL004c 10 3.
Slide 16: Exploration Leads Inventory
EXPLORATION LEADS INVENTORY Lead Block WI % Gross Unrisked Prospec$ve Resources MMBBLS GCoS % Best Jason (1) PL032 40 254.4 5 (1) Tyssen PL032 40 65.4 5 (1) Sedge PL004c 40 65.7 5 (1) Fox PL004b 40 172.7 GCA 5 Stephens (1) PL004c 40 67.5 2012 CPR 5 (1) Walker PL032 40 27.0 5 (1) Meredith PL032 40 9.
Slide 17: Board of Directors
BOARD OF DIRECTORS DR. PIERRE JUNGELS, CBE ‐ Chairman JOHN CROWLE ‐ Non‐ExecuUve Director PhD Geophysics & Hydraulics, California InsUtute of Trained geologist with upstream oil and gas experience Technology. Previously worked at Shell, PetroFina, and from BP, LASMO, Enterprise Oil and Shell. Curren