19 May 2021

Rockhopper Exploration plc
(“Rockhopper”, the “Group” or the “Company”)

Full-year results for the year ended 31 December 2020

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 2020.

HIGHLIGHTS

Sea Lion

·   Detailed transaction terms agreed with Navitas Petroleum LP to farm-in for a 30% interest in the Sea Lion project

·   Recently completed merger of Premier Oil plc with Chrysaor to create Harbour Energy plc, resulting in a materially larger and financially stronger operator of the Sea Lion project

·    Extension of the Company’s North Falkland Basin Petroleum Licences, including the Sea Lion Discovery Area, to 1 November 2022

Corporate and financial

·    Ombrina Mare arbitration Tribunal confirms “deliberations and the drafting process have both advanced very considerably”

·    Disposal of Rockhopper Egypt Pty Limited to United Oil & Gas plc completed in February 2020

·    Initiatives implemented to further materially reduce corporate costs

·   US$222.6 million one-off non-cash impairment, based on a decision, in line with the Sea Lion operator, to write off the historic exploration costs associated with the resources which will not be developed as part of the Sea Lion Phase 1 project

·    Cash resources of US$11.7 million as at 31 December 2020

Outlook

·    Targeting completion of the Navitas farm-in

·    Outcome in relation to Ombrina Mare arbitration expected in July 2021 – seeking significant monetary damages

Keith Lough, Chairman of Rockhopper, commented:

“The Company will continue to work closely with all stakeholders to maximise the chance of securing the Navitas farm out and project sanction of Sea Lion. The Board believes that the opportunity to invest in a world-scale fully appraised and engineered project with material additional upside at this point in the cycle presents a compelling opportunity, and one which would lead us towards unlocking the value within the project long-awaited by all stakeholders.”

Enquiries:

Rockhopper Exploration plc
Sam Moody – Chief Executive
Stewart MacDonald – Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Consulting)

Canaccord Genuity Limited (NOMAD and Joint Broker)
Henry Fitzgerald-O’Connor/James Asensio
Tel. +44 (0) 20 7523 8000

Peel Hunt LLP (Joint Broker)
Richard Crichton
Tel. +44 (0) 20 7418 8900

Vigo Consulting
Patrick d’Ancona/Ben Simons
Tel. +44 (0) 20 7390 0234

Note regarding Rockhopper oil and gas disclosure

This announcement has been approved by Rockhopper’s geological staff which includes Lucy Williams (Geoscience Manager) who is a Chartered Geologist, a Fellow and member of the Council of the Geological Society of London, with over 25 years of experience in petroleum exploration and management and who is the qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (“MAR”).