Rockhopper Exploration (RKH) AGM 2025 summary

Opening remarks and agenda

• Welcome extended to attendees, with presentation recorded for later website access.

• Noted significant developments since the previous year, especially progress toward Sea Lion FID.

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.

• Current cash balance is around $20 million, pre any insurance payout.

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

• Potential insurance payout could add EUR 36–37 million pre-tax, with about $40 million likely to be free cash after obligations.

Strategic initiatives and plans

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

• Financing plan for Sea Lion shifted from bond-led to senior debt-led project financing.

• SPA signed to dispose of the Italian portfolio, pending regulatory consent, expected to reduce long-term liabilities and cash run rate by €12.5 million.

• Considering launching a new arbitration following the annulment of the Ombrina Mare award.