Rockhopper Exploration (RKH) AGM 2026 presentation summary

2025 operational and financial highlights

• Phase 1 of Sea Lion field development sanctioned and fully funded, with equity raises totaling $151 million and year-end cash balance of $179 million.

• Project financing secured through senior debt, equity, and a Navitas loan; key commercial contracts in place for FPSO, drilling rig, and services.

• Updated NSAI report confirms 110mmbbls 2P reserves and 211mmbbls 2C resources net, with NPV10 of $2.2bn for 35% working interest.

• Project on track for first oil in Q1 2028; non-binding MOU signed for a potential second FPSO to accelerate future phases.

• Received €31 million from insurance after Ombrina Mare arbitration annulment; Italian exit reduces P&A liabilities by €13.3 million.

Asset overview and development plan

• Holds 35% working interest in Sea Lion oil field and surrounding North Falkland Basin acreage, with 321mmbbls 2P+2C net resources.

• Phase 1 targets 170mmbbls 2P, with expected daily production of 19,000 boe/d net and first oil in March 2028.

• Phased development plan aims to access over 314mmbbls 2P reserves and 733mmbbls 2P+2C from five certified phases.

• Extensive appraisal dataset and near-field tie-in opportunities support plateau production and future upside.

• NSAI gross prospective resources estimated at 500mmbbls, with additional upside in Isobel/Elaine discoveries.

Commercial arrangements and funding

• Navitas funds 100% of pre-FID and 66.7% of post-FID project costs not covered by third-party debt; loans repaid from 85% of free cash flow.

• Phase 1 funding includes $350 million senior debt, $210 million Navitas loan, and $107 million equity.

• Navitas is an experienced offshore operator with a strong capital markets track record and recent project success.