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    RKH   GB00B0FVQX23

ROCKHOPPER EXPLORATION PLC

(RKH)
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Rockhopper Exploration : Interim Report 2021

10/01/2021 | 08:42am EST

REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION

CONTENTS

STRATEGIC REPORT 1 2020 highlights

2 North Falkland Basin overview

  • Sea Lion Phase 1 development overview
    4 Market overview
    6 Chairman and Chief Executive Officer's review
    9 Key Performance Indicators (KPIs)

10 Financial review

  1. Internal controls and risk management
  2. Principal risks and uncertainties
  1. Environmental, social and governance statement
  2. Directors' Statement under Section 172 (1) of the Companies Act 2006

GOVERNANCE

  1. Rockhopper Board
  2. Board of Directors
  1. Governance report
  1. Audit & Risk Committee Chairman's report
  1. Nomination Committee Chairman's report
  2. Remuneration report
  1. Statutory information
  1. Independent auditors' report to the members of Rockhopper Exploration plc

FINANCIAL STATEMENTS

Group financial statements

51 Consolidated income statement

  1. Consolidated statement of comprehensive income
  2. Consolidated balance sheet
  3. Consolidated statement of changes in equity
  4. Consolidated statement of cash flows
  5. Notes to the consolidated financial statements

Parent company financial statements 73 Company balance sheet

74 Company statement of changes in equity

75 Notes to the company financial statements

OTHER INFORMATION

  1. Key licence interests as at 1 May 2021
  2. Glossary
  3. Shareholder information

ROCKHOPPER - WHO WE ARE

Rockhopper Exploration plc (AIM: RKH) is an oil and gas exploration and production company with key interests in the North Falkland Basin.

The Company has been operating offshore the Falkland Islands since 2004 and discovered the world-class Sea Lion oil field in 2010.

OUR STRATEGIC AMBITION Create value for all our stakeholders through building a well-funded,full- cycle, exploration-ledE&P company.

Coverphoto:GStrange

Rockhopper Exploration plc

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION

2020 HIGHLIGHTS

Sea Lion

  • Detailed transaction terms agreed with Navitas Petroleum LP to farm-in for a 30% interest in the Sea Lion project
  • Recently completed merger of Premier Oil plc with Chrysaor to create Harbour Energy plc, resulting in a materially larger and financially stronger operator of the Sea Lion project
  • Extension of the Company's North Falkland Basin Petroleum Licences, including the Sea Lion Discovery Area, to 1 November 2022

Corporate and financial

  • Ombrina Mare arbitration Tribunal confirms "deliberations
    and the drafting process have both advanced very considerably"
  • Disposal of Rockhopper Egypt Pty Limited to United Oil & Gas plc completed in February 2020
    • Subsequent sale of the Group's entire shareholding in United Oil & Gas plc in August 2020 raised proceeds of US$4.0 million
  • Initiatives implemented to further materially reduce corporate costs
  • US$222.6 million one-offnon-cash impairment, based on a decision, in line with the Sea Lion operator, to write off the historic exploration costs associated with the resources which will not be developed as part of the Sea Lion Phase 1 project
  • Cash resources of US$11.7 million as at 31 December 2020

Outlook

  • Targeting completion of the Navitas farm-in
  • Outcome in relation to Ombrina Mare arbitration expected in July 2021 - seeking significant monetary damages

Report&Accountsfortheyearended31December2020

1

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION

NORTH FALKLAND BASIN OVERVIEW

Sea Lion Phase 1

(PL032)

>250 mmbbls gross*

>75 mmbbls net to Rockhopper

Sea Lion Phase 2

(PL032/PL004)

>280 mmbbls gross*

>84 mmbbls net to Rockhopper

Phase 3 Isobel-Elaine

(PL004)

>Isobel-Elaine complex significantly de-risked during 2015/16 exploration campaign

Acreage position

Rockhopper

Premier

Navitas

Operator

PL032

30%

40%

30%

Premier

PL003a

95.5%

4.5%

-

Rockhopper

PL003b

60.5%

4.5%

-

Rockhopper

PL004a

64%

36%

-

Premier

PL004b

30%

40%

30%

Premier

PL004c

30%

40%

30%

Premier

PL005

100%

-

-

Rockhopper

* Operator estimate.

  • Post farm-out to Navitas.

PL01

PL032

PL033

50°S

PHASE 1

F A L KLAN D

I S L A N D S

SEA LION

STANLEY

100 Kms

60°W

CASPER

PL03b

CASPER

PL04a

SOUTH WEST

PL04b

ZEBEDEE

NINKY SOUTH

PL04c PHASE 2

  • Under farm-out additional option to further align PL004a acreage (30%/40%/30%).

PL03a

LIZ

ISOBEL

EMILY

ISOBEL DEEP

PL05

PHASE 3

Prospective

Discovered

5 Kms

2

Rockhopper Exploration plc

STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION

SEA LION PHASE 1 DEVELOPMENT OVERVIEW

Headline facts and figures

250mmbbls ~80,000bopd US$42/bbl

2C resources in Phase 1

Gross annual production at plateau

Break even price*

*Gross project NPV10 equals US$ nil

US$1.8bn US$1.8bn US$4.2bn

Gross CAPEX to first oil

Gross project NPV10 assuming

Life of field undiscounted free cash flow

US$65/bbl

assuming US$65/bbl

World scale resource

Proven development concept

Regulatory interface

World class contractor team

> 1.7 billion barrels oil in place

> Technically straightforward

well-advanced

> Experienced in comparable

> Well understood reservoir

FPSO development

> EIS and FDP substantially

projects

> Highly marketable crude.

> Extensive project development

agreed; final approval at

> Opportunity to lock in supply

and engineering complete

sanction

chain at competitive rates

> Supply chain and logistics

> Alignment with FIG on key

> Alignment via provision of

proven through multiple

fiscal, commercial and

vendor financing.

drilling campaigns.

regulatory items.

Proven development concept

Projected production profile

Average annual daily oil rate (kbopd)

160

Phase 1

140

Phase 2

120

100

80

60

40

20

0

5

10

15

20

Years from first production

Report&Accountsfortheyearended31December2020

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Rockhopper Exploration plc published this content on 30 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2021 12:41:03 UTC.


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Sales 2021 0,77 M 1,04 M 1,04 M
Net income 2021 - - -
Net cash 2021 4,18 M 5,64 M 5,64 M
P/E ratio 2021 -11,1x
Yield 2021 -
Capitalization 38,9 M 52,5 M 52,5 M
EV / Sales 2021 45,3x
EV / Sales 2022 80,1x
Nbr of Employees 12
Free-Float 75,7%
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Number of Analysts 4
Last Close Price 8,49 GBX
Average target price 14,55 GBX
Spread / Average Target 71,4%
EPS Revisions
Managers and Directors
Samuel John Moody Chief Executive Officer & Executive Director
Stewart MacDonald Chief Financial Officer & Executive Director
Keith Geddes Lough Non-Executive Chairman
Arthur John Summers Independent Non-Executive Director
Alison Baker Senior Independent Director
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