Rockhopper Exploration (RKH) AGM 2025 summary

Financial performance review

• Net 2C development pending resources valued at $1.8 billion NPV10 at $70/bbl Brent, with 255 mmbbls net to the company.

• Balance sheet cash at year-end 2024 was approximately $21 million.

• Monetisation of Ombrina Mare Arbitration generated an upfront payment of €19 million, with insurance in place for a €31 million claim after award annulment.

Strategic initiatives and plans

• Sea Lion project progressing with technical and lending bank appointed; FID targeted for H2 2025.

• All Falklands licences extended to December 2026.

• Exit from Italian licences underway, reducing liabilities by €12.5 million and targeting further cash run rate reduction.

Board and executive committee updates

• Management is focused on reducing cash run rate and progressing regulatory approvals for Italian exit.