Rockhopper Exploration (RKH) AGM 2024 summary

Opening remarks and agenda

• Welcomed attendees and highlighted significant progress across all business areas, focusing on Sea Lion and Ombrina Mare projects.

Financial performance review

• Monetized the Ombrina Mare arbitration award, resulting in the strongest balance sheet in years and accelerating cash realization.

• Received the first payment tranche, with potential total receipts over EUR 80 million if annulment is successful.

• Current cash balance stands at approximately $27 million, with potential to reach $80 million after all tranches and deductions.

• Over 90% of warrants exercised, adding approximately $2.2 million in proceeds and strengthening the financial position.

• Year-end cash balance was approximately $8 million, with low general and administrative expenses at $4 million per annum.

Board and executive committee updates

• Board renewed with the addition of Simon and Paul, and appointment of a new Non-Executive Chairman and Director, both with significant industry experience.

• Board succession process completed, aimed at strengthening governance.