Slide 1: Rockhopper Exploration Plc AGM 2012
ROCKHOPPER EXPLORATION PLC AGM 2012 1
Slide 2: Highlights
HIGHLIGHTS • OPERATIONS – Completed Falklands drilling programme, baseline survey, geotechnical survey • HSE – rig on hire 397 days – 1 offshore LTI, 2 onshore LTI • FARM IN – Farmed in to licences PL004b & PL004c • FUND RAISE – Raised 46.5mm GBP • CPR – Published CPR • FARM OUT – Farmed out to Prem
Slide 3: Operations since 2011 AGM
OPERATIONS SINCE 2011 AGM • Wells drilled – 14/10-7 – 14/10-8 – 14/10-9 – 14/15/4 • Post drilling & development environmental baseline survey – multiple seabed & water sampling points, analysis ongoing, baseline data to form part of EIS for FDP • Geotechnical survey – soil strength study for mooring
Slide 4: HSE Record
HSE RECORD • Drilling Campaign 2010/11 • Vessel Operations 2012 LTI 3 0 Recordable 0 Injury 2 Minor 11 1 Injury Near 1 Miss 16 • 344,760 man hours • Total 74,184 hours • LTI details • No LTI’s, no environmental – Crushed finger – trainee derrickman working pipe incidents crushed finger when elevator
Slide 5: Farm in to PL004b and PL004c
FARM IN TO PL004B AND PL004C • Interest in 4b increased from 7.5% to 60% • Interest in 4c increased from 7.5% to 25% • Consideration was drilling well 14/15-4 • Rationale based on RKH technical team view – SLMC extended into the acreage – Low risk additional prospectivity • 14/15-4 – SLMC encountere
Slide 6: Fund Raise
FUND RAISE • Raised 46.5mm GBP before expenses by way of a placing October 2011 • Strengthened balance sheet and funded farm in to PL004b and PL004c 6
Slide 7: CPR
CPR • New CPR published by Gaffney Cline & Associates • Confirms Rockhopper view of Sea Lion as a large oil field with good upside potential and near field additional discoveries 7
Slide 8: Farm Out
FARM OUT • Farm Out to Premier Oil announced on 12 July 2012 • Purpose of Farm Out – To seek an experienced and capable Operator for the development – To fully finance the development – To retain a material stake • Terms of farm out – Premier acquired 60% of all of Rockhopper’s interests in the Nort
Slide 9: Farm Out Current Status & Indicative Development Timetable
FARM OUT CURRENT STATUS & INDICATIVE DEVELOPMENT TIMETABLE • Farm out expected complete by end 2012 • Handover to Premier commenced immediately post announcement –Not yet completed –Operatorship handover anticipated late 2012 • Premier provided indicative timetable to first oil 2017 –Timetable still
Slide 10: Falklands Activities
FALKLANDS ACTIVITIES • Premier & Rockhopper have recently made rig market enquiry • Results will demonstrate rig availability & timing of campaign • Current plan to drill a number of exploration wells using one of the two development rigs • Subsurface work continues, Rockhopper retains lead explorat
Slide 11: What Next
WHAT NEXT • Continue Falklands programme – Exploration – significant low risk upside remains – Appraisal – Casper/Casper South/Beverley – Development – Sea Lion • Move to main market – Eligibility / Timing to be assessed • Consider pursuing exploration opportunities outside the North Falkland Basin
Slide 12: Rockhopper Post Farm Out
ROCKHOPPER POST FARM OUT • Fully funded material 40% stake in a significant oil field development • 48mm USD exploration carry (estimated to equate to 3 wells) • 40% stake in high impact exploration portfolio within North Falklands Basin • Well funded – c. 270mm USD net cash anticipated post farm ou