Rockhopper Exploration (RKH) Corporate presentation summary

Project status and development plans

• Sea Lion project targeting final investment decision (FID) in H2 2025, with technical and lending bank appointed and positive capital provider feedback.

• Net 2C development pending resources of 255 mmbbls, with NPV10 of $1.85 billion at $70/bbl Brent.

• Phase 1 development includes 170 mmbbls, 11 wells, and project costs of $2.058 billion; subsequent phases expected to be self-financing.

• Phased development concept covers 727 mmbbls gross 2C contingent resources, with multiple phases and up to 23 wells in the northern area.

Financial position and capital raising

• Cash balance of approximately $54 million as of 31 August 2025, with an additional $140 million in escrow pending FID.

• Two placings and an open offer aim to raise up to $150 million, with funds held in escrow until FID; monies returned if FID not achieved by 31 March 2026.

• Capital raise designed to cover project requirement ($102 million), early decommissioning ($40 million), and additional costs ($40–50 million).

• Board believes the capital raise will enable project completion without further equity dilution.

Commercial arrangements and partnerships

• Navitas funds 100% of pre-FID project costs not met by third-party debt, repaid from 85% of working interest share of free cash flow at 8% interest.

• Post-FID, Navitas funds 66.667% of project costs not met by third-party debt, interest-free, repaid from 85% of working interest share of free cash flow.

• If FID progress stalls for five years post-transaction, Rockhopper can remove Navitas by repaying the pre-FID loan.