AIM-listed Rockhopper Exploration, the oil and gas company with key interests in the North Falkland Basin, has announced its audited results for the year ended 31 December 2025.
2025 AND POST PERIOD HIGHLIGHTS
- Sea Lion Phase 1 sanctioned
- Rockhopper funded for Phase 1
- First oil targeted Q1 2028
- 110 mmbbls 2P reserves net to Rockhopper
- 211 mmbbls 2C resources net to Rockhopper
Sea Lion Development
Project
- Development of Phase 1 of the Sea Lion field - offshore to the north of the Falkland Islands - sanctioned
- Debt Financing in place consisting of US$1.0 billion of senior debt, of which US$350 million is Rockhopper debt
- Equity raises completed to fund the development of Phase 1 of Sea Lion
- Placings raising US$142 million
- Significantly oversubscribed open offer raising a further US$9.2 million
- Key project commercial contracts in place including, but not limited to:
- FPSO charter
- Drilling rig
- Drilling and completion services
- Notice was served on the FPSO in the UK to disconnect, with the vessel having left its previous production location, ahead of a period of refurbishment work prior to deployment at Sea Lion
- Phase 1 FPSO work moved from the Middle East to Asia
- Target for First Oil remains Q1 2028 following a Final Investment Decision on Phase 1 in December 2025
- JV investigating the possibility of accelerating development of subsequent phases
- MOU signed for second larger FPSO with production capacity of approximately 125,000 barrels per day
Reserves and Resources
- Updated independent technical report (RKH working interest):
- 110 mmbbls 2P reserves comprising 57.9 mmbbls associated with Phase 1 (Reserves under development) and 51.9 mmbbls associated with Phase 2 (Reserves planned for development)
- 211 mmbbls 2C resources
- Significant upside potential
Corporate and Financial
- Cash and term deposits balance at 31 December 2025 of US$179 million* (31 December 2024: US$20.9 million)
Ombrina Mare Arbitration (Italy)
- Ombrina Mare Arbitration Award (the 'Award') annulled
- Receipt of €31 million under terms of the insurance policy in respect of the Award
- A new request for arbitration was made in September 2025, with the new funder responsible for all associated costs
* Includes US$8 million classified as held for sales
Sam Moody, Chief Executive Officer of Rockhopper, commented:
'This has been a transformative period for Rockhopper as the Sea Lion project moves into full development phase following its financing and sanction late in 2025. We look forward to continuing our very constructive working relationship with operator Navitas in the coming months as we further progress the project. We remain hugely grateful for shareholders' continuing support and look forward to updating them on Sea Lion in due course.'
Source: Rockhopper Exploration
