Rockhopper Exploration, the oil and gas exploration and production company with key interests in the North Falkland Basin, has announced its audited results for the year ended 31 December 2024.
2024 AND POST PERIOD HIGHLIGHTS
Sea Lion Development
Financing
- Lead technical and lending bank mandate signed
- Financing plan now includes senior bank debt
- Positive initial feedback from potential providers of capital to the financing
- New timing for Final Investment Decision ("FID") expected H2 2025 to allow for bank to complete due diligence ('DD')
Resources
- Updated independent report commissioned by Navitas*
- Gross 917 mmbbls 2C with additional upside (Rockhopper 35% working interest)
- Phased development
- 5 phases
- 2 FPSOs
- First 2 phases developed via a single FPSO with 2 drilling campaigns
- Rockhopper commissioned independent resource update to be published shortly
Corporate and Financial
- US$20.9 million cash and term deposits at 31 December 2024
- Share Purchase Agreement ("SPA") signed to dispose of Italian business
- Awaiting consents from Falkland Islands Government ("FIG") and the Italian regulators
- Cost control remains a focus
Ombrina Mare Arbitration Award
- No outcome of annulment to date
- Monetisation of the Award with a regulated specialist fund ("Specialist Fund")
- Completion and First Tranche payment received, €19 million retained
- If successful in defending annulment, Second Tranche payment of €65 million due from Specialist Fund
- Insurance in place to ensure minimum of €31 million even in the event of annulment
Sam Moody, Chief Executive of Rockhopper Exploration, commented:
'This has been a very important period for Rockhopper and an exciting time for the Company and its shareholders as we continue to work with operator Navitas in moving the Sea Lion project towards FID. With work on financing for the development beginning to gather pace and continued progress on the technical side, we look forward to providing the market with further updates.'
* Rockhopper is not an addressee and has not been party to the production of the March 2025 NSAI Independent Report. The March 2025 NSAI Independent Report has been produced to PRMS standards. The last independent resource report commissioned directly by Rockhopper was the ERCE 2016 Report which had an estimated 2C value of 517 mmbbls. Rockhopper has commissioned it's own independent resource update to be published shortly
Source: Rockhopper Exploration
