Further to the Company's announcement on 24 August 2026, Rockhopper Exploration, the oil and gas company with key interests in the North Falkland Basin, has announced its intention to raise approximately US$180 million (approximately £132.4 million), before expenses via a placing of New Ordinary Shares at an issue price of 70 pence per New Ordinary Share alongside an open offer of New Ordinary Shares at the Issue Price to raise up to approximately US$20 million (c. £14.4 million) (the 'Open Offer') (together, the 'Capital Raising').
The Issue Price represents a discount of approximately 4.9 per cent. to the volume-weighted average price of 73.5781 pence per Existing Ordinary Share for the 30-day period ended 21 August 2026.
Canaccord Genuity and Peel Hunt are acting as joint bookrunners in relation to the Placing (the 'Joint Bookrunners'). The Placing is subject to the terms and conditions set out in the Appendix to this Announcement and is expected to remain open no later than 7:00 a.m. BST on the 28 August 2026, however this remains subject to change at the discretion of the Joint Bookrunners (in consultation with the Company).
Members of the public are not entitled to participate in the Placing.
Sam Moody, CEO of Rockhopper Exploration plc, said:
'This proposed Capital Raising ensures Rockhopper can participate in the acquisition of its pro-rata share of the OSX-1 and associated work in preparation for the consequential accelerated development of the central development area. We are delighted with the indications of interest from existing and potential new investors.
'I would like to remind investors that the Company is in a great position today. Not least I would highlight that we are on track for First Oil from Sea Lion in Q1 2028 with development drilling expected to commence early next year. The new NSAI report published on 26 August 2026 shows a $788m increase to our NPV10 for our 2P+2C barrels and we are planning for further exploration drilling in the basin with some material exploration prospects also re-confirmed in our latest NSAI report. I look forward to keeping shareholders updated as we deliver these catalysts.'
The Company considers it important that existing Shareholders who are not participating in the Placing are given an opportunity to acquire New Ordinary Shares at the Issue Price. The Company therefore confirms it is providing existing Shareholders with the opportunity to subscribe for New Ordinary Shares at 70 pence per New Ordinary Share pursuant to an Open Offer to raise gross proceeds of up to approximately US$20 million (c. £14.4 million) if fully taken up.
The Open Offer will include an excess application facility to enable Shareholders to apply for additional New Ordinary Shares in excess of their basic entitlements under the Open Offer. A circular setting out full details of the Open Offer is expected to be published on the Company's website and posted to Shareholders who have elected to receive hard copies of Shareholder documentation on or around 28 August 2026.
For further details of the Open Offer, see "Summary of the Open Offer" section below.
The Placing and the Open Offer are to be effected using the authorities to allot and issue new shares granted to the Directors by Shareholders at the Company's annual general meeting held on 30 June 2026.
Each Placee participating in the Placing who is an existing shareholder of the Company will undertake not to take up its Open Offer entitlements as a condition of its participation in the Placing.
The net proceeds of the Placing and Open Offer are expected to be used by the Company to fund the following business activities in the Falkland Islands:
- c.US$100 million to fund Rockhopper's estimated funding requirement for the central development area ('CDA'), as well as its estimated proportionate cost of OSX-1, to mid-2028, which is after Q1 2028, the expected point of receiving positive cash flow from NDA phase 1;
- US$20 million to fund Rockhopper's portion of exploration and well-deepening activities to be undertaken as part of the NDA Phase 1 development;
- US$20 million to ensure the early project failure contingent liability provisions for NDA Phase 1 are adequately covered; and
- US$60 million for additional contingency for all of its Falkland Islands activities, providing flexibility and funding to the targeted CDA FID in mid-2028.
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Source: Rockhopper Exploration
