22 May 2024

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

Full-Year Results for the Year Ended 31 December 2023

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 2023.

2023 HIGHLIGHTS

Sea Lion Development

Navitas Petroleum LP (“Navitas”) provided details of the updated Field Development Plan (“FDP”) and additional independent resource report by Netherland Sewell & Associates (“NSAI”).*

·    New independent resource report commissioned by Navitas Petroleum LP

 Optimised for the specifications of identified and available redeployable Floating Production and Offloading vessels (“FPSO”s)

 2C resource base 791mmbbls, up from 712mmbbls

 Initial development stage targeting 312mmbbls, up from 269mmbbls

 Peak rate up to 55k bopd

 Prolonged plateau of c.8 years

 Improved economics, reduced breakeven at US$25/bbl cost life of field

§ Cost to first oil US$1.2bn

§ Capex per bbl US$8 life of field

§ Opex per bbl US$17 life of field

§ NPV 10 > US$4bn gross to the JV at US$77/bbl Brent **

·    Environment Impact Statement (“EIS”) pre-consultation started in November 2023

·    Navitas continues to refine Field Development Plan (“FDP”)

·    Navitas actively working with leading industry vendors to secure all long lead equipment

Ombrina Mare Arbitration Award (the “Award”)

Monetisation of the Award

·    Monetisation of Award to Specialist Fund payable in 3 tranches:

 Tranche 1 – Rockhopper will retain approximately €15million (pre-tax) of an initial gross payment of €45million, the balance going to pay the initial litigation funder and available for legal success fees;

 Tranche 2 – Rockhopper will retain 100% of a payment of €65million upon a successful annulment outcome.  This amount to be reduced on a partial annulment; and

 Tranche 3 – Rockhopper will retain 100% of a profit share of 20% on recovery above amounts in excess of 200% of the Specialist Funds total investment costs.

·    Transaction requires Falkland Island Government (“FIG”) consent to complete

 Work continues with FIG to secure consent which should be obtained by end June 2024

·    Should consent not be obtained by end June 2024, either side has right to terminate

 The Specialist Fund is paying the legal costs associated with the Award from 20 December 2023

 In case of non-completion, Rockhopper will compensate the Specialist Fund based on their legal fees incurred

Annulment Proceedings

·    Italy requested to annul Arbitration Award in October 2022

·    Annulment hearing completed April 2024

·    Rockhopper and advisors remain confident in merits of legal case

·    Continue to be hopeful a decision is possible before the end of 2024

Corporate and Financial

·    High calibre, experienced and independent Board

·    Focus on maintaining balance sheet strength

·    Continued management of costs

* Rockhopper is not an addressee and has not been party to the production of the 2024 NSAI Independent Report. The 2024 NSAI Independent Report has been produced to PRMS standards. The last independent resource report commissioned directly by Rockhopper was the ERCE 2016 Report which had an estimated 2C value of 517mmbbls. See RNS dated 22 January 2024.

** Post royalty, pre-tax.

Simon Thomson, Chair of Rockhopper, commented:
I am delighted to have joined Rockhopper at such a pivotal point in the Company’s history. Whilst risks plainly remain, it is possible that by this time next year we will have both completed the monetisation of our Ombrina Mare Arbitration and seen FID at Sea Lion. Both would be hugely significant catalysts for the Company, and represent the culmination of many years of hard work by our dedicated team. I look forward to working with the team to unlock real shareholder value over the years to come.”

Enquiries:

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/James Asensio/Ana Ercegovic
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/Fiona Hetherington
Tel. +44 (0) 20 7390 0234

Note regarding financial information disclosure

The financial information set out below does not constitute the Group’s statutory accounts for the year ended 31 December 2023, but is derived from those accounts. References within the document may refer to information in the statutory accounts and these will be sent to shareholders and published on the Company’s website imminently.