Rockhopper Exploration Plc · LSE:RKH
Rockhopper Exploration — Merger or Acquisition (May 2014)
17 slides from Rockhopper Exploration's merger presentation, May 23, 2014
Slide 1: Acquisition of Mediterranean Oil & Gas Plc
ROCKHOPPER EXPLORATION Acquisition of Mediterranean Oil & Gas Plc 23 May 2014
Slide 2: Important Notice
IMPORTANT NOTICE The content of this presentation has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000. Reliance on this presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of lo
Slide 3: Proposal to Acquire Mediterranean Oil & Gas (MOG)
PROPOSAL TO ACQUIRE MEDITERRANEAN OIL & GAS (“MOG”) Low cost, value enhancing entry into Mediterranean/North Africa region Acquiring 2P/2C resource base of 32.5 mmboe, increasing Rockhopper’s 2P/2C resources by c.23%1 Acquiring material exploration portfolio, increasing unrisked prospective re
Slide 4: Establishes Rockhopper as Full Cycle E&P Company
ESTABLISHES ROCKHOPPER AS FULL CYCLE E&P COMPANY Accretive deal providing established production and revenue o MOG Q1 2014 average net production of approximately 1,650 mscf per day o Potential for production increases through well stabilisation and modest capital investment Material low-risk ap
Slide 5: Proposed Transaction Terms
PROPOSED TRANSACTION TERMS Rockhopper to acquire all of the shares of MOG at offer price of 6.50 pence per share (the “Initial Consideration”) o 4.875 pence per share in cash (£22.0 million total) plus 0.017 new Rockhopper share for each MOG share o Represents a premium of 15.6% to the closing pri
Slide 6: Transaction Timetable and Conditions
TRANSACTION TIMETABLE AND CONDITIONS Unanimous recommendation of MOG Directors o Irrevocable undertakings to vote in favour of the Scheme in respect of 31.96% received, including: o Major shareholders (Och-Ziff and Miles Donnelly): 31.36% o Management and directors: 0.60% Transaction to be imple
Slide 7: Key Assets Acquired
KEY ASSETS ACQUIRED Production o Guendalina (Northern Adriatic) o Onshore Italy Appraisal/development o Ombrina Mare (Abruzzo) o Northern Adriatic Exploration o Monte Grosso (Italy) o Malta o North Africa 2P Reserves 2C Resources Pmean Prospective Oil Gas Oil Gas Oil Gas mmbbls bcf mmbbls bcf
Slide 8: Key Production Asset: Guendalina WI 20% (ENI Operated)
KEY PRODUCTION ASSET: Guendalina WI 20% (ENI Operated) Discovered in 1998 the field has been on production since October 2011 with cumulative production to date of over 2.5 bcf (net to MOG) Remaining 2P reserves of 3.7 bcf (net) with upside potential Field peak production of c.20 mmscf/d (gros
Slide 9: Key Appraisal / Development Assets: Ombrina Mare (100%)
KEY APPRAISAL / DEVELOPMENT ASSETS: Ombrina Mare (100%) Ombrina Mare is an appraisal / development project in shallow water offshore Italy - 100% MOG operated asset Audited 2C resources of 25.1 mmbbls plus 8 bcf of gas with significant upside potential The provisional development plan calls fo
Slide 10: Ombrina Mare: Technical Details
OMBRINA MARE: Technical Details Three wells located on crest of structure: o 2 wells tested before P&A / suspension o Well test at 900 - 1,000 bopd stabilised o 17-19o API o Additional biogenic gas (99% methane) in shallow Pliocene sands Two overlying oil reservoirs o Oligo-Miocene carbonate ove
Slide 11: Key Exploration Assets: Monte Grosso Prospect
KEY EXPLORATION ASSETS: Monte Grosso Prospect WI 22.89% (MOG operated) 22.89% operated interest in the Serra San Bernado exploration permit in the Southern Appennine thrust/fold belt, partnering with ENI and Total Permit contains the highly prospective Monte Grosso prospect which is estimated to
Slide 12: Key Exploration Assets: Malta Area 4
KEY EXPLORATION ASSETS : Malta Area 4 WI 25% (Genel operated) 25% non operated interest in this 5,700km2 permit where a Production Sharing Contract was signed in July 2008 MOG farmed down 75% of its interest in the Area 4 PSC to Genel Energy in December 2012 for a consideration of : o $10 millio
Slide 13: Exploration Assets: Malta Area 4, Hagar Qim Well
EXPLORATION ASSETS : Malta Area 4, Hagar Qim Well Well location on newly acquired 3D Prospect located on Medina Bank, in an analogue of Libyan Sirte Basin Well tests 4 way dip closed Eocene numulitic limestone (high energy ramp deposits) Mapped vertical closure of c. 155m GCoS 12% - source
Slide 14: Exploration Assets: Malta Area 3 WI 40%
EXPLORATION ASSETS : Malta Area 3 WI 40% (Cairn operated) 40% non operated interest in Offshore Malta Area 3, comprising blocks 1,2,3 where Cairn Energy holds a 60% operated interest. The area is located on the southern margin of a proven hydrocarbon province in the Sicily channel Cairn Energy a
Slide 15: Regional Footprint
REGIONAL FOOTPRINT Acquisition provides a strong operating platform in the Greater Mediterranean and North Africa region Access to low commitment highly prospective exploration acreage with medium to long term portfolio opportunities Access high quality strategic partnerships: o Genel Energy o
Slide 16: Rockhopper Senior Management Team – Strong Regional Experience
ROCKHOPPER SENIOR MANAGEMENT TEAM – Strong Regional Experience Paul Culpin Andy Morrison Development Manager Operations Manager Paul has a Civil Engineering degree from Leeds University Andy is a chartered engineer with 46 years’ experience. He and MBA from Henley Business School (ranking 35 in the
Slide 17: Summary
SUMMARY PURSUING A DISCIPLINED APPROACH TO GROWTH The acquisition of MOG provides Rockhopper’s Key deal metrics shareholders with o Access to existing production and revenue Initial acquisition price per share 6.50p o Exposure to considerable appraisal and exploration upside Total initial consider
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