Rockhopper was established in 2004 with a strategy to invest in and undertake an offshore oil exploration programme in the North Falkland Basin. It was floated on AIM in August 2005. Rockhopper was the first company to make a commercial oil discovery in the Falklands. Today Rockhopper is the largest acreage holder in the North Falkland Basin and also has interests in the Greater Mediterranean region.

Rockhopper timeline

Sea Lion Phase 1:

  • Project substantially de-risked through the FEED and optimisation processes
  • Resources to be developed in Phase 1 increased from 220 to 250 mmbbls (gross)
  • Preliminary Information Memorandum and comprehensive set of independent expert reports, which formed the basis of a financing guarantee application package for the senior debt component of the project financing, were submitted to potential senior lenders including export credit agencies in July 2019

Ombrina Mare arbitration hearing took place in February 2019

Successful start to Abu Sennan drilling campaign

Field Development Plan and Environmental Impact Statement for Sea Lion substantially agreed with the Falkland Islands Government with final approval expected at sanction

Good progress made with the Falkland Islands Government on Sea Lion royalty and fiscal terms

Financing structure for Sea Lion development progressed with agreement from contractors to provide up to US$400 million of funding for the project

 

Rockhopper commences international arbitration proceedings, seeking very significant monetary damages, as a result of the Republic of Italy’s breaches of the Energy Charter Treaty in relation to the Ombrina Mare project.

In late 2017 and early 2018, Letters of Intent were signed with a number of key contractors for the provision of services and vendor financing for the Sea Lion project.

Fiona Macaualy, COO, leaves the Board with their thanks for her contribution since 2010.

Sea Lion project enters FEED with set of world-class contractors.

Rockhopper completes merger with Falkland Oil & Gas following shareholder approval from both Rockhopper and FOGL shareholders.

In August, Rockhopper completes the acquisition of a portfolio of production and exploration assets in Egypt.

Having been Chairman since the Admission to AIM in 2005 Pierre Jungels leaves the Board with their thanks for his contribution since 2004.

FOGL Logo

In March, the Eirik Raude rig arrives in the North Falkland Basin to commence a multi-well drilling campaign. Exploration successes at Zebedee and Isobel Deep with multiple oil discoveries made.

In November, Rockhopper announced the terms of its all-share merger with Falkland Oil & Gas. Through the merger with FOGL, Rockhopper consolidates its leading acreage and resource position in the North Falkland Basin.

Rig

In May, Rockhopper announced a recommended cash and share offer to acquire AIM listed Mediterranean Oil & Gas plc. The transaction completed in August. Through the acquisition Rockhopper acquired a portfolio of production, development, appraisal and exploration interests in Italy, Malta and France.

In November, and in response to a significant reduction in the global price for oil, Rockhopper and Premier announce a lower cost, phased development concept for Sea Lion.

Peter Dixon Clarke, Finance Director, leaves the Board with their thanks for his contribution since before the admission to AIM. Having previously advised the Company during his time at Rothchild, Stewart MacDonald joins the Board as CFO.

MOG logo

Having overseen the Sea Lion discovery David Bodecott retires from the Board with their thanks for his contribution since 2004. Rockhopper consolidates its interests in the Falklands through the farm-in to acreage held by Desire Petroleum. As a result, Rockhopper increases its interests in licences PL004a, PL004b and PL004c to 24%.

Fiona MacAulay, previously sub surface manager, joins the Board as Technical Director.

In July, Rockhopper announced it had entered into a farm-out agreement with Premier Oil plc (“Premier”), whereby Premier acquired a 60% operated interest in Rockhopper’s North Falkland Basin licences for undiscounted consideration of c.$1bn (comprising cash, development carry and exploration carry).

In recognition of Rockhopper’s unrivalled understanding of the North Falkland Basin, it was agreed that Rockhopper would retain the sub-surface lead in relation to future exploration activities.

Premier Oil logo

Following the successful flow test in late 2010 a further eight exploration and appraisal wells were drilled by Rockhopper across the complex, six of those being discoveries. This extremely high success rate combined with an efficient operations group delivers in excess of 300 million barrels of recoverable oil at a finding cost of less than $1.50 per barrel. Simultaneously, Rockhopper operates 2 3D seismic vessels. By the end of the campaign, Rockhopper operated the Ocean Guardian rig for almost 400 days, opening a new hydrocarbon province.

In addition, Rockhopper participated in a further five non-operated wells.

In February, the Ocean Guardian drilling rig arrived in Falklands waters to carry out a multi-well programme on behalf of multiple operators. In the spring, Rockhopper (as operator) drilled its first exploration well on the Sea Lion prospect which resulted in an oil discovery. The well was successfully flow tested in September, the first ever DST in the history of the Falklands. Additional resources, both human and financial, are brought in as Rockhopper gears up for a prolonged and thorough appraisal campaign planned by the technical team.

Richard Visick, founder, leaves the Board with their thanks for his contribution.

Sea Lion Discovery

Founded in 2004 by Richard Visick with co-founder Sam Moody along with key technical consultants David Bodecott and Keith Wiliams. Admitted to AIM during 2005 with Pierre Jungels as Executive Chairman, Sam Moody as Managing Director, Peter Dixon-Clarke as part-time Finance Director, Keith Williams as part-time Exploration Director and David Bodecott as lead technical consultant.

Acquired licences PL023, 24, 32, & 33 100% as Operator and farmed in to Desire Petroleum licences PL003 & PL004 for a 7.5% interest.

Operated two 2D surveys, a 3D survey, two CSEM surveys and various EIA & benthic surveys. Raised sufficient additional capital in late 2009 to share the Ocean Guardian drilling rig with Desire Petroleum to drill two firm wells on the Sea Lion & Ernest prospects.

Following completion of the 3D seismic over the Sea Lion area, Keith Williams, exploration director since the admission to AIM retires with the Board’s thanks for his contribution. David Bodecott becomes exploration director. A high quality team of technical consultants completes the technical interpretation under his guidance and Sea Lion is selected as a well location.

Rocky