AIM-listed Rockhopper Exploration, the oil and gas company with key interests in the North Falkland Basin ('NFB'), has announced its unaudited results for the six months ended 30 June 2026.
YEAR TO DATE HIGHLIGHTS
Northern Development Area phase 1 project ('NDA 1')
- NDA 1 sanctioned in late 2025 and fully funded
- Operator targeting first oil in Q1 2028
- Manufacturing process for long-lead items and on islands work progressing
- FPSO arrived in Southeast Asia, following initial pre-acceptance survey in UK shipyard
- Drilling expected to commence early 2027
Second FPSO purchased by Navitas for Central Development Area ('CDA')
- OSX-1 FPSO purchased by Navitas
- Potential to increase total production to c.180,000bbls/d when combined with NDA production
- Operator target is to take FID for CDA in H1 2028 with first oil possible in 2030
Updated Sea Lion Independent Reserves and Resources Report
- Netherland, Sewell & Associates, Inc ('NSAI') prepared new Sea Lion Independent reserve and resource report dated end July 2026, (the 'New NSAI Report')
- 2P reserves : 110mmbbls
- 2C resources : 219mmbbls
- Increase in post-tax Rockhopper NPV 10 of US$0.79bn at the 2P + 2C level from US$2.16bn to US$2.95bn*
Exploration to recommence in the NFB
- Operator has announced its intention to drill several exploration wells during/at end of the development campaign
- Significant exploration upside highlighted in New NSAI Report
Capital Raise
- Placing raised US$180 million
- Open Offer raised US$20 million
- Provides funding through to mid-2028 including spend on NDA 1, OSX-1 purchase and associated upgrade work, exploration spend, and Falkland Islands Government ('FIG') requirement for Early Project Failure funding
Italian Disposal
- Previously announced disposal has received all required FIG approvals, Italian approvals remain outstanding
Board Changes
Board strengthened by addition of William Perry (CFO) and Barak Mashraki (Non-Executive Director)
Outlook
- NDA 1 work progressing towards first oil target of Q1 2028
- Funded to mid-2028 based on Operator estimates and current plan
- FPSO purchased for CDA with FID readiness targeted mid 2028
Samuel Moody, CEO of Rockhopper, commented:
'This has been a landmark period for Rockhopper. First oil on NDA 1 remains targeted for Q1 2028, and Navitas' acquisition of the OSX-1 FPSO to accelerate the Central Development Area has driven a significant increase in the independent valuation of our interest in Sea Lion. Together with our recent capital raise, which leaves us fully funded to first oil, and the continued strong support of the UK and Falkland Islands Governments, we enter the second half of the year well positioned to deliver significant value to all stakeholders.'
* - Using Brent Crude oil price of US$75.95 per barrel (flat real from 2028)
Background
Rockhopper Exploration plc is a UK-based oil and gas exploration and production company with key interests in the Falkland Islands. The Company holds a 35% interest in licences in the North Falkland Basin, where it has sanctioned the development of the significant Sea Lion field which was originally discovered by the Company in 2010.
Source: Rockhopper Exploration
