Rockhopper Exploration Plc · LSE:RKH
Rockhopper Exploration — Investor Presentation (August 2015)
20 slides from Rockhopper Exploration's investor presentation, Aug 12, 2015
Slide 1: Rockhopper Exploration PLC Investor Presentation
Rockhopper Explora.on PLC Investor Presenta,on 12 August 2015 1
Slide 2: Important Notice
Important No.ce 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 a
Slide 3: Rockhopper at a glance - post acquisition of Beach Egypt
Rockhopper at a glance -‐ post recently announced acquisi.on of Beach Egypt Key metrics Market cap at 60p: $275 million 2P reserves: 1 mmboe (+ 4.0 mmboe Egypt) Cash at year end 2014: $200 million (no debt) 2C con,ngent resources: 182 mmboe (+ 0.5 mmboe Egypt) P2 prospec,ve resources: 622 mmboe (+
Slide 4: Our business model: well-funded, full cycle, exploration led E&P company
Our business model: Building a well-‐funded, full cycle, explora.on led E&P company Maintaining balance sheet strength • $200m cash and no debt • Fully funded through first phase of Sea Lion development Building a balanced porBolio in core areas • Focus on NFB and Med / North Africa • Opportunis,cal
Slide 5: Track record of success
Track record of success Sea Lion Appraisal Consolidates interests in NFB acreage Explora.on in NFB commences Following the successful flow test in Rockhopper consolidates its interests in the In February, Rockhopper announced late 2010 a further eight explora,on Falklands through the farm-‐in to acr
Slide 6: Activity schedule
Activity schedule 2015 2016 2017 Contract Field Development Mid 2016 Plan to FIG End 2015 Zebedee Isobel Jayne Chatham NEB Exploration ita FPSO FEED Submission of draft Project Sanction ) hh tot MEDITERRANEAN Construction commences First gas Sidetrack well Guendalina 032015 Malta Area 3 es) = Es) =
Slide 7: North Falkland Basin
North Falkland Basin
Slide 8: Sea Lion FPSO concept re-selected
Sea Lion FPSO concept re-‐selected $70m JV pre FID spend 2015 Target FEED award Q3 2015 Target sanc,on during 2016 14 development wells • 8 producers • 5 water injectors Low cost phased FPSO solu,on • 1 gas producer / injector $1.8bn to first oil (at Nov 2014) • 9 pre-‐drilled c. $11.25 per bbl 160
Slide 9: Zebedee, 14/15b-5 oil & gas discovery
Zebedee, 14/15b-‐5 oil & gas discovery • Successful discovery of oil and gas in three new F2 sequence reservoirs at Zebedee • All seven prognosed reservoir targets were penetrated on or close to prognosis, with an eighth reservoir (Ninky South) tagged at its margin • Hector fan: – Gross reservoir p
Slide 10: Isobel Deep, 14/20-1 oil discovery
Isobel Deep, 14/20-‐1 oil discovery § Isobel Deep well penetrate c. 33% of prognosed reservoir thickness (24m of 80m) before higher than an,cipated pressure results in well suspension § Oil recovered to surface from Isobel Deep F3 sands § Well result significantly de-‐risks Isobel / Elaine Compl
Slide 11: NFB 2015 exploration campaign
NFB 2015 explora.on campaign CHATHAM (RKH 40%) JAYNE EAST (RKH 24%) • Sea Lion west flank appraisal to § Low risk / high value prospects determine presence or absence on east flank of gas cap § Excellent reservoir quality in F2 • Adds 65 mmbbls to phase 1 if no sands predicted including gas extensio
Slide 12: Greater Mediterranean
Greater Mediterranean
Slide 13: Italian portfolio overview
Italian porBolio overview Guendalina Ombrina Mare • 20% working interest • 100% working interest • Eni operator • Rockhopper operator • Currently producing ~200 boe/d net • 25 – 40 mmbbl recoverable oil • Side-‐track well (H2 2015) expected to project double current produc,on • Permitng process pro
Slide 14: Croatia First Licence Round
Croa.a First Licence Round • Rockhopper awarded 40% non-‐operated interest in Block 9, alongside Eni as operator in Croa,an Hydrocarbon Authority’s (“CHA”) 1st Licensing round • Block located in shallow (c.80m) water in Pliocene biogenic gas play of Adria,c • Proven gas on block (Ksenija) with rese
Slide 15: Recently announced acquisition of Beach Egypt
Recently announced acquisi.on of Beach Egypt
Slide 16: Transaction overview and rationale
Transac.on overview and ra.onale Con.nua.on of Rockhopper strategy to build a well funded, full cycle, explora.on led E&P • Focus on our core areas of the North Falkland Basin and Greater Med / North Africa • Opportunis,cally add produc,on and cash flow • Focus on proven hydrocarbon basins Accre.ve d
Slide 17: Portfolio overview
PorBolio overview Abu Sennan • 22% working interest • Kuwait Energy operator • Four fields currently producing ~1,300 boe/d net to Rockhopper • 4.5 mmboe (2P/2C) net to Rockhopper • Ac,ve drilling program to target near-‐field upside El Qa’a Plain • 25% working interest • Dana Petroleum (KNOC) operat
Slide 18: Transaction terms and metrics
Transac.on terms and metrics Headline considera.on of $22 million Key deal metrics • Approximately $11.5 million cash Headline considera,on $22 million • $10.5 million new Rockhopper shares Es,mated 2015 produc,on 1,300 boe/d Es,mated Rockhopper produc,on (1) 1,600 – 1,800 boe/d Rockhopper retains b
Slide 19: Funding Update
Funding Update* • Cash at 31 December 2014 : $200 million • NFB well cost es,mated at $50 million gross per well • Total net cost to Rockhopper for all four NFB wells c.$25 million (aver carries) • $48 million Explora,on Carry from Premier • Rockhopper balance sheet remains strong • Post NFB explora
Slide 20: Rockhopper Activity Schedule
Rockhopper Ac.vity Schedule 20
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