Rockhopper Exploration Plc · LSE:RKH
Rockhopper Exploration — Oil Barrel Conference 2015
22 slides from Rockhopper Exploration's conference presentation, Feb 4, 2015
Slide 1: Rockhopper Exploration - Oil Barrel Conference
ROCKHOPPER EXPLORATION Oil Barrel Conference 4 February 2015 1
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: Rockhopper Corporate Overview
Rockhopper Corporate Overview Our strategy is to create value through building a Core Areas – NFB and Med/North Africa well-funded, full-cycle, exploration led E&P company We aim to do this by: Maintaining balance sheet strength and flexibility Building a balanced portfolio of assets in our NORT
Slide 4: Rockhopper Summary
Rockhopper Summary Only E&P company to make a commercial oil Reserves and Resources (net to RKH) discovery in the Falklands 2C Contingent Resources Sea Lion oil field discovered in 2010 Falklands* 150 mmbbl Mediterranean 32 mmboe Farmed-out 60% and operatorship to Premier 182 mmboe Oil in
Slide 5: Indicative Activity Schedule
Indicative Activity Schedule Note: Potential for all four NFB wells to be drilled consecutively from March 2015 5
Slide 6: Sea Lion Development
GREATER MEDITERANEAN OVERVIEW Sea Lion Development 6
Slide 7: Sea Lion – Initial Phased Development (Rockhopper 40%)
Sea Lion – Initial Phased Development (Rockhopper 40%) Phased, lower cost development solution adopted for the Sea Lion field Phase 1a Phased concept to develop gross Sea Lion 2C resources of Phase 1b 400 mmbbl (net 150 mmbbl to RKH) Initial phase (Phase 1a) to commercialise approximately 160 mm
Slide 8: Sea Lion – Phased Development Solution
Sea Lion – Phased Development Solution Likely FPSO Solution 2C Resources (mmbbl) Leased FPSO solution similar in scale to Premier’s existing sanctioned Catcher Field Development Gross RKH (North Sea) Phase 1a (RKH 40%) 160 64 Phase 1b (RKH 40%) 160 – 220 64 – 88 Single subsea manifold to add
Slide 9: Sea Lion – Development Timeline and Revised Commercial Terms
Sea Lion – Development Timeline and Revised Commercial Terms 2014 2015 2016 2018 2019 FPSO FEED / design Submission of final Revised contract award FDP to FIG Development drilling development First Oil commences concept agreed Project sanction Draft FDP to FIG Rockhopper to access the full $48 mil
Slide 10: North Falkland Basin Exploration
GREATER MEDITERANEAN OVERVIEW North Falkland Basin Exploration 10
Slide 11: North Falkland Basin – Eirik Raude
North Falkland Basin – Eirik Raude 11
Slide 12: North Falkland Basin – 2015 Exploration Highlights
North Falkland Basin – 2015 Exploration Highlights Eirik Raude rig on schedule to arrive in Falklands to spud first well in March 2015 Six wells planned (4 NFB, 2 SFB), with Rockhopper participating in all 4 NFB wells Rockhopper wells targeting approx 160 mmbbls net Pmean unrisked resources
Slide 13: 2015 – High Impact Drilling – Potential to Double Resources
2015 – High Impact Drilling – Potential to Double Resources 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 65mmbbls to phase 1 if no sands pr
Slide 14: 2015 – Drilling Schedule
2015 – Drilling Schedule Gross P90 53 91 802 21 prospective Pmean 282 72 510 87 127 resources P10 741 207 1424 214 Equity 24% 24% 24% 24% 40% Net P90 13 2 19 5 prospective Pmean 68 17 122 21 51 resources P10 178 50 342 51 ZEBEDEE ELAINE/ISOBEL COMPLEX JAYNE CHATHAM 15% 9% 18% 15% GCoS % & 12% 11% 13
Slide 15: Greater Mediterranean
GREATER MEDITERANEAN OVERVIEW Greater Mediterranean 15
Slide 16: Greater Mediterranean - Building a Second Core Area
Greater Mediterranean - Building a Second Core Area 16
Slide 17: Rockhopper Acquisition of Mediterranean Oil & Gas plc
Rockhopper Acquisition of Mediterranean Oil & Gas plc • 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% • Acquiring material exploration portfolio, increasing unrisked prospective
Slide 18: Finance Update
GREATER MEDITERANEAN OVERVIEW Finance Update 18
Slide 19: Funding Update
Funding Update* • Cash at 30 September 2014 : $205 million • Pre-sanction capex on Sea Lion Phase 1a : $40 million (assumes FID mid 2016) • Four firm exploration wells in NFB in 2015 : $25 million (after carries) • $48m Exploration Carry from Premier • Capex from sanction to first oil on Sea Lion Ph
Slide 20: Capital Expenditure
Capital Expenditure 2015 guidance: ~$60 million 20
Slide 21: Summary
Summary Building a well funded, full-cycle, exploration led E&P company Revised development concept and commercial arrangements agreed for Sea Lion Project sanction (mid 2016) no longer conditional on Premier finding farm-in partner Imminent arrival of rig contracted for 2015 North Falkland Ba
Slide 22: Board of Directors
Board of Directors DR. PIERRE JUNGELS, CBE - Chairman SAM MOODY - Chief Executive Officer PhD in Geophysics & Hydraulics from California Co-founder of Rockhopper Exploration. Previously at Institute of Technology. Previously worked at Shell, AXA Equity & Law Investment Management, St. Paul’s PetroFi