Rockhopper Exploration (RKH) H1 2025 earnings summary

Executive summary

• Raised up to $140 million through firm and conditional placings and an open offer to fund Phase 1 of the Sea Lion project, with funds held in escrow pending final investment decision (FID).

• Received €31 million insurance proceeds after the annulment of the Ombrina Mare arbitration award; new arbitration request submitted.

• Disposed of Italian operations, reducing liabilities and annual cash expenditure, allowing focus on Falklands assets.

• Reported a loss after tax of $51.0 million for H1 2025, compared to a profit of $69.5 million in H1 2024.

Financial highlights

• Loss after tax of $51.0 million for H1 2025 (H1 2024: profit of $69.5 million).

• Administrative expenses increased to $2.6 million (H1 2024: $1.4 million), mainly due to higher NI costs from share price rise.

• Cash and term deposits at 30 June 2025 were $21.7 million, not including €31 million insurance proceeds received in August.

• Additions to oil and gas assets totaled $12.4 million, mainly for Sea Lion development.

Outlook and guidance

• Fully funded for FID on Sea Lion Phase 1 based on current financing plan.

• Operator targets FID by year-end 2025; subsequent phases expected to be self-financing.

• Balance sheet at its strongest in over five years, with $54 million cash resources as of 31 August 2025.