Year to date highlights

Sea Lion

· Completion of transaction for Harbour Energy plc (“Harbour”) to exit and Navitas Petroleum LP (through
its UK subsidiary) “Navitas” to enter the North Falkland Basin with a 65% stake in, and operatorship of, all
of Rockhopper’s North Falkland Basin licences
· Rockhopper retains material 35% working interest in North Falkland Basin licences
· Extension of all North Falkland Basin licences to 1 November 2024
· Improved alignment in the Sea Lion Joint Venture, with Rockhopper benefitting from an attractive funding package from Navitas

Ombrina Mare

· Successful arbitration outcome with unanimous decision in Rockhopper’s favour
· Compensation of €190 million
· Interest at EURIBOR + 4% accruing annually from 29 January 2016
· Temporary four-month pause in interest from date of award
· Italy has 120 days to apply for an annulment of the award, which can only be annulled in limited

Corporate and financial

· Successful capital raise of US$10.4 million by way of placing and open offer
· Warrants issued to provide additional upside to holders and future potential balance sheet strength
· Continued focus on costs


· Lower upfront cost Sea Lion development being worked up and financing sought
· Arbitration award, after collection, will make a material contribution towards Rockhopper’s share of Sea Lion
development costs
· Sea Lion FID targeted 2023/24

Keith Lough, Chairman of Rockhopper, commented:

“Following completion of our transaction with Navitas, the capital raise, and the successful arbitration outcome, we stand on the cusp of what we believe will be the most exciting period at Rockhopper for some years, culminating, we hope, in the development of a material scale energy resource in a British Overseas Territory.
We have a committed and capable partner with proven financing capability, which has recruited an exceptional and highly experienced development engineer to run the Sea Lion project.
Amidst continued global uncertainty and material domestic pressures, we continue to believe a responsibly developed Sea Lion oilfield could provide both a meaningful source of financial benefit to the Falkland Islands, and a strategically and financially important resource to the United Kingdom.
Furthermore, Sea Lion is not a one-off project. We have very material low-risk exploration upside, providing potential additional benefits to all stakeholders.
We thank our stakeholders and the Falkland Islands Government for their continued support as we strive to reach project sanction and unlock material value for all involved.”


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

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

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

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