Rockhopper Exploration Plc · LSE:RKH

Rockhopper Exploration — Merger or Acquisition (November 2015)

10 slides from Rockhopper Exploration's merger presentation, Nov 24, 2015

  1. Slide 1: Rockhopper Exploration PLC: All share merger with Falkland Oil & Gas Limited

    Rockhopper Explora.on PLC All share merger with Falkland Oil & Gas Limited 24 November 2015 1

  2. Slide 2: Important notice

    Important no.ce This Presenta.on does not cons.tute an offer or invita.on or a solicita.on of any offer or invita.on for the sale or purchase of any securi.es in the Company. In addi.on, it is not intended to form the basis of or act as an inducement to enter into any contract or investment ac.vity an

  3. Slide 3: Recommended all share merger with Falkland Oil & Gas Limited ("FOGL")

    Recommended all share merger with Falkland Oil & Gas Limited (“FOGL”) • Increases Rockhopper’s net 2C resource base by over 50% to more than 250 million Combined enEty becomes barrels #1 holder of NFB acreage • Exposure to over 2,600km2 of acreage in the prolific North Falklands Basin (“NFB”) and dis

  4. Slide 4: Transaction details

    Transac.on details Rockhopper and FOGL shareholders to own approximately 65% and 35% respecEvely of enlarged group • All share transac.on • 11% premium to FOGL’s closing price on 23 November 2015 • 0.2993 new Rockhopper shares for each FOGL share • Approximately 160 million new Rockhopper shares iss

  5. Slide 5: Transaction timetable and conditions

    Transac.on .metable and condi.ons TransacEon to be implemented by way of Falkland Islands Scheme of Arrangement • Similar to UK Scheme Unanimous recommendaEon of both Rockhopper and FOGL directors • Irrevocable undertakings represen.ng 9.4% to vote in favour of the Scheme have been received from FOG

  6. Slide 6: Overview of FOGL

    Overview of FOGL Pure play Falklands explorer East Falkland Basin • Largest Falkland Islands licence holder northern licence area FOGL: 40.0% • Material interest in all of its licences (> 40%) Noble (op.) 35.0% • Par.cipated in 4 wells in SFB, of which 3 Northern Licences Edison: 25.0% encountered h

  7. Slide 7: Transaction assists the progression of development

    Transac.on assists the progression of development Phase 1a Phase 1b/2 Pre FEED opEmisaEon completed • FPSO and SURF conceptual Rockhopper anEcipaEng award of designs matured integrated FEED early in Q1 2016 • FEED contracts nego.ated and Phase 3 key contractors iden.fied Rockhopper believe opEmised p

  8. Slide 8: Consolidates North Falkland Basin position

    Consolidates North Falkland Basin posi.on RKH FOGL Combined Group Operator PL032 40% n/a 40% Premier PL003a 3% 92.5% 95.5% RKH / FOGL PL003b 3% 57.5% 60.5% RKH / FOGL PL004a PL004b 24% 40% 64% Premier PL004c PL005 n/a 100% 100% RKH / FOGL Combined Group has: • Operatorship of PL003a, PL003b and PL00

  9. Slide 9: Materially increases Rockhopper's exposure to the Isobel/Elaine fan complex

    Materially increases Rockhopper’s exposure to the Isobel/Elaine fan complex • Isobel Deep discovery well penetrated 1/3 of the prognosed reservoir thickness (24m of 80m) before higher than an.cipated pressure resulted in the suspension of opera.ons • Oil was recovered to surface from Isobel Deep F3

  10. Slide 10: Rockhopper - Merger solidifies leading Falklands position

    Rockhopper - Merger solidifies leading Falklands posi.on Rockhopper becomes largest equity holder (64%) in the highly prospec.ve PL004 licence area Rockhopper has significant equity in ALL discovered oil resources in NFB Rockhopper management es.mate of 2C discovered net resources post merger is >250m

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