Full-Year Results for the Year Ended 31 December 2022

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 2022.



·    Completion of transaction to bring Navitas Petroleum LP ("Navitas") into the North Falkland Basin licences (the "Transaction")

·    Licence interests fully aligned

 Navitas 65% and Operator

 Rockhopper 35%

·    Rockhopper benefits from two loans from Navitas

 Pre-Final Investment Decision ("FID") loan: covers all Rockhopper's Phase 1 Sea Lion project costs pre-FID via 8% loan

 Post FID loan: covers two-thirds of Rockhopper's Phase 1 Sea Lion project costs from FID to the earlier of 12 months post-first oil or project completion (for any costs not met by third party debt financing) via 0% loan

 Loans repaid from 85% of Rockhopper's working interest share of Sea Lion Phase 1 project cash flows

·    Sea Lion project re-defined

 Total barrels developed: 269mmbbls

 Phased drilling

§ First campaign: 18 wells (11 pre first oil)

§ Further campaign: 5 wells

 Production plateau: 80,000 bbls/d

 Redeployed FPSO

 Gross JV NPV10 US$4.3 billion

 Pre first oil capex US$1.3billion


·    Successful arbitration outcome announced in August 2022

·    Awarded compensation c.€190 million plus interest (the "Award")

·    Rockhopper sent letter to Italy in September 2022 requesting payment of €247 million

·    Italy seeking to annul; Rockhopper contesting annulment; confident in merits of legal case

·    Interest accruing at c.€1.25 million per month

·    Rockhopper and Italy directed to find an outcome that allows Rockhopper to enforce whilst protecting Italy from risk of non-recoupment should it succeed in annulment


·    Capital raise of US$10.4 million pre-expenses in placing and open offer which completed in July 2022

·    Warrants outstanding at 9p per share

·    Administrative expenses remain low

Keith Lough, Chairman of Rockhopper, commented:

"As John Summers and I approach our final AGM, we are pleased for shareholders that the Company is in such a strong position. The combination of a new, committed and capable partner in Navitas, a reworked hugely attractive Sea Lion development and the outcome of the Ombrina Mare arbitration sets our company up for what we believe is an exciting moment in our development. We are delighted with the hugely significant progress achieved in the last year and are convinced that we are closer than ever to unlocking the value of Sea Lion for all stakeholders."

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 2022, 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.

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