Rockhopper Exploration (RKH) H1 2024 earnings summary

Executive summary

• Reported profit after tax of $16.5 million for H1 2024, reversing a $2.6 million loss in H1 2023.

• Monetisation of the Ombrina Mare Arbitration Award completed, with €19 million received and balance sheet significantly strengthened.

• Sea Lion project advanced, with public consultation on the Environmental Impact Statement completed and licence extension in progress.

• Strong cash position at period end, enabling focus on progressing Sea Lion to sanction.

Financial highlights

• Profit after tax of $16.5 million in H1 2024, compared to a $2.6 million loss in H1 2023.

• No revenue recognized as production ceased in 2022; profit driven by other income from Award monetisation.

• Administrative expenses reduced to $1.5 million from $2.1 million, mainly due to arbitration costs now covered by a funder.

• Cash and term deposits increased to $27.8 million at 30 June 2024, up from $8.0 million at 31 December 2023.

• Additions to exploration and evaluation assets totaled $9.2 million, primarily for Sea Lion development.

Outlook and guidance

• Focus remains on securing permissions and financing for Sea Lion, including EIS approval and licence extension.

• Awaiting outcome of Ombrina Mare annulment, with decision hoped for by year end 2024.

• Strong balance sheet supports continued progress on core projects.