AIM-listed Rockhopper Exploration, the oil and gas company with key interests in the North Falkland Basin, has announced its unaudited results for the six months ended 30 June 2025.
YEAR TO DATE HIGHLIGHTS
Capital Raise
- Firm and Conditional two tranche placing to raise up to US$140 million
- Company to undertake Open Offer for up to an additional €8 million
Firm placing US$115 million
- 53p per share plus one underwriting warrant for every four shares, at a price of 80p per share
- Expected to fund Rockhopper capex requirements for Phase 1 development plan for Sea Lion
- Funds held in escrow pending Final Investment Decision ("FID") for Sea Lion Phase 1 development
Conditional placing US$25 million
- 53p per share plus one underwriting warrant for every four shares, a price of 80p per share
- Approved by shareholders at a General Meeting on 16 September 2025
- Provides additional funding flexibility for subsequent phase planning, first phase contingencies and early project decommissioning
- Funds held in escrow pending occurrence of FID
Open Offer up to €8 million
- To be held at FID, 53p per share
- Provides shareholders the opportunity to participate at the same price as those in the placings
- No underwriting warrants as investors will not be required to subscribe funds to the escrow account
- Capped at €8 million under the Prospectus Regulations
Independent Resource Evaluation
- Carried out by Netherland Sewell and Associates ("NSAI")
- Sea Lion oil only numbers
- Unrisked gross contingent resources 2C 917 mmbbls
- 321 mmbbls net to Rockhopper
- Unrisked gross contingent resources development pending 2C 727 mmbbls
- o 255 mmbbls net to Rockhopper
- Valuation of the Rockhopper net 2C 255mmbbls 35% working interest in Sea Lion
- $1.3bn at US$60 brent oil
- $1.8bn at US$70 brent oil
- $2.3bn at US$80 brent oil
- Net of all royalties and taxes
Ombrina Mare Arbitration Award
- Award fully annulled
- Insurance monies of €31 million now received (the "Insurance Proceeds")
- New funder and Rockhopper have submitted a new request for arbitration
- To the extent that Rockhopper makes a financial recovery from any new arbitration, after deductions for any reasonable costs and expenses incurred, that recovery will be utilised to reimburse the insurers in respect of the Insurance Proceeds
Italian disposal
- Amended SPA signed. Transaction completion subject to required regulatory consents.
- Allows Company to re-focus entirely on the Falklands
Outlook
- Funded for FID based on current financing plan
- Independent NSAI report confirms scale of opportunity
- Balance sheet strongest for over 5 years, with US$54m cash resources (unaudited) as at 31 August 2025
- Operator continues to target FID by year end 2025
Samuel Moody, CEO of Rockhopper, commented:
'This has been a transformative period for Rockhopper and the last few months have seen an acceleration of progress towards FID. A financing plan is in place for which we have secured our base equity requirement and the potential value to all stakeholders is independently confirmed.
'We are very grateful for the support of shareholders, both existing and new, at the recent fundraise. Having passed all of resolutions at the recent General Meeting, US$140 million is now in escrow pending FID, which we are more hopeful than ever of reaching by the end of this year.'
Source: Rockhopper Exploration
