Rockhopper Exploration (RKH) H2 2025 earnings summary

Executive summary

• Sanctioned development of Phase 1 of the Sea Lion field, targeting first oil in Q1 2028.

• Fully funded to first oil for Phase 1, with project financing and equity raises completed.

• Key commercial contracts secured, including FPSO charter and drilling services.

• Updated NSAI reserves and resources report published, confirming significant asset base.

• Exit from Italian licenses reduces liabilities and retains royalty interests.

Financial highlights

• $142 million raised through placings and $9 million via an oversubscribed open offer in 2025.

• Year-end 2025 cash balance of $179 million, including $8 million held for sale as part of Italian exit.

• Receipt of €31 million under insurance policy following Ombrina Mare arbitration annulment.

Outlook and guidance

• Project on track for first oil in Q1 2028.

• Non-binding MOU signed for potential second FPSO to accelerate subsequent phases.

• Phase 2 forms part of the same approved field development plan, with material additional upside.