Rockhopper Exploration (RKH) AGM 2025 summary

Opening remarks and agenda

• Welcomed attendees and noted the meeting is pre-recorded, with the recording to be posted online after the event.

• Highlighted significant progress since the previous year, especially regarding the Sea Lion project approaching FID.

Financial performance review

• Net 2C development pending resources valued at $1.8 billion NPV10 at $70/bbl Brent, with 255 million barrels net to the company.

• At $80 oil, Sea Lion asset NPV10 reaches $2.4 billion.

• Balance sheet cash at year-end 2024 was approximately $21 million.

• Monetisation of Ombrina Mare Arbitration generated an upfront payment of €19 million, with insurance in place for a €31 million claim after award annulment.

Strategic initiatives and plans

• Financing plan shifted from bond-led to senior debt-led, with a lead technical bank appointed to cornerstone and syndicate the financing.

• Sea Lion project progressing with FID targeted for H2 2025, using two FPSOs in phases to unlock 314 million barrels in the first two phases.

• SPA signed to dispose of the Italian portfolio, pending regulatory consent, expected to reduce long-term liabilities and cash run rate by €12.5 million.

• All Falklands licences extended to December 2026.