Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce its audited results for the year ended 31 December 2022.
2022 HIGHLIGHTS
SEA LION AND NORTH FALKLAND BASIN
Completion of transaction to bring Navitas Petroleum LP ('Navitas') into the North Falkland Basin licences (the 'Transaction')
Licence interests fully aligned o Navitas 65% and Operator o Rockhopper 35%
Rockhopper benefits from two loans from Navitas
Pre-Final Investment Decision ('FID') loan: covers all Rockhopper's Phase 1 Sea Lion project costs pre-FID via 8% loan
Post FID loan: covers two-thirds of Rockhopper's Phase 1 Sea Lion project costs from FID to the earlier of 12 months post-first oil or project completion (for any costs not met by third party debt financing) via 0% loan
Loans repaid from 85% of Rockhopper's working interest share of Sea Lion Phase 1 project cash flows
Sea Lion project re-defined o Total barrels developed: 269mmbbls o Phased drilling
First campaign: 18 wells (11 pre first oil)
Further campaign: 5 wells
Production plateau: 80,000 bbls/d
Redeployed FPSO
Gross JV NPV10 US$4.3 billion
Pre first oil capex US$1.3billion
OMBRINA MARE
Successful arbitration outcome announced in August 2022
Awarded compensation c.EUR190 million plus interest (the 'Award')
Rockhopper sent letter to Italy in September 2022 requesting payment of EUR247 million
Italy seeking to annul; Rockhopper contesting annulment; confident in merits of legal case
Interest accruing at c.EUR1.25 million per month
Rockhopper and Italy directed to find an outcome that allows Rockhopper to enforce whilst protecting Italy from risk of non-recoupment should it succeed in annulment
CORPORATE AND FINANCIAL
Capital raise of US$10.4 million pre-expenses in placing and open offer which completed in July 2022
Warrants outstanding at 9p per share
Administrative expenses remain low Keith Lough, Chairman of Rockhopper, commented:
'As John Summers and I approach our final AGM, we are pleased for shareholders that the Company is in such a strong position. The combination of a new, committed and capable partner in Navitas, a reworked hugely attractive Sea Lion development and the outcome of the Ombrina Mare arbitration sets our company up for what we believe is an exciting moment in our development. We are delighted with the hugely significant progress achieved in the last year and are convinced that we are closer than ever to unlocking the value of Sea Lion for all stakeholders.'
Contact:
Rockhopper Exploration plc
Sam Moody
Chief Executive Officer
Tel: +44 (0) 20 7390 0234
Canaccord Genuity Limited
NOMAD and Joint Broker
Henry Fitzgerald-O'Connor
James Asensio
Gordon Hamilton
Tel: +44 (0) 20 7523 8000
Peel Hunt LLP
Joint Broker
Richard Crichton
Georgia Langoulant
Tel: +44 (0) 20 7418 8900
Vigo Consulting
Patrick d'Ancona
Ben Simons
Fiona Hetherington
Tel: +44 (0) 20 7390 0234
ROCKHOPPER EXPLORATION PLC 
