Rockhopper Exploration (RKH) Investor presentation summary

Capital raise structure and objectives

• Two-tranche placing and open offer aims to raise up to $150 million, with $115 million in firm placing and $25 million conditional on shareholder approval; open offer up to €8 million ($9.5 million) at 53p per share for existing shareholders.

• Funds will be held in escrow pending financial close for Sea Lion phase 1 development, providing full funding for FID costs and contingencies.

• Warrants are included in the placing but not in the open offer; one underwriting warrant for every four shares at 80p.

• The capital raise is designed to minimize the likelihood of further equity dilution and ensure project completion.

Sea Lion project and financials

• Sea Lion is the main asset, with 2C net contingent resources of 255 mmbbls and NPV10 of $1.8 billion at $70/bbl Brent.

• Phase 1 development targets 170 mmbbls with 11 wells and project costs of $2.058 billion; senior secured financing expected at $1 billion.

• Rockhopper's equity requirement for Phase 1 is $127 million, including $102 million for project costs and $25 million for early decommissioning.

• All Falkland Islands licences extended to December 2026.

Commercial arrangements and partnerships

• Navitas Petroleum holds 65% and operates Sea Lion, with Rockhopper at 35%.

• Navitas funds 100% of Rockhopper's pre-FID costs (repaid from 85% of Rockhopper's free cash flow at 8% interest); post-FID, Navitas funds 66.667% interest-free.

• Technical and lending bank appointed to lead project financing; positive feedback from potential capital providers.