REG - Rockhopper Exp plc - Sea Lion Reserves Evaluation

Rockhopper ExplorationAnnouncement

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RNS Number : 1550Z  Rockhopper Exploration plc  02 April 2026

2 April 2026

Rockhopper Exploration plc

("Rockhopper" or the "Company")

 

Sea Lion Independent Recoverable Reserves and Resources Evaluation

 

Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key
interests in the North Falkland Basin, is pleased to announce the results from
an updated independent technical report conducted by Netherland, Sewell &
Associates, Inc. ("NSAI") on behalf of Rockhopper on the Company's Sea Lion
field (the "Report"). The Report is effective as at 31 December 2025.

 

The Report shows that overall gross resource volumes are consistent with the
Company's previous independent resource evaluation, also conducted by NSAI,
dated June 2025 (the "June 2025 Report").

 

Importantly, the Report has reclassified volumes contained in the Sea Lion
Field Northern Development Area ("NDA") Phases 1 and 2 from the Contingent
Resources classification to the Reserves classification. This reclassification
has been possible following the Company's Final Investment Decision ("FID") on
the Sea Lion field, made in December 2025. Phase 2 of the Sea Lion development
is expected to be financed from cashflow generated by Phase 1. Later phases of
the Sea Lion development have remained within the Contingent Resources
category.

 

Following completion of the placing, the Company had, as at 31 December 2025,
a cash balance of approximately US$179 million (unaudited) which is
anticipated to be sufficient to fund Rockhopper's proportion of the capex
required for the Phase 1 development plan for the Sea Lion field.

 

Key Information (oil only)

 

Reserves

 

Summary of Gross and Working Interest Net Recoverable Reserves and Future Net
Revenue attributable to Sea Lion Field NDA Phases 1 and 2

 

Rockhopper holds a 35 per cent working interest in the Sea Lion field.

 

                                    Oil (MBBL) Gross (100%)  Oil (MBBL) Working Interest (35%)  Future Net Revenue Working Interest (35%) (US$000) Undiscounted  Future Net Revenue Working Interest (35%) (US$000) NPV10
 Proved Undeveloped (1P)            230,672.5                80,735.4                           2,134,911.1                                                      720,915.6
 Probable                           83,165.3                 29,107.8                           968,135.7                                                        244,866.9
 Proved + Probable (2P)             313,837.7                109,843.2                          3,103,046.8                                                      965,782.5
 Possible                           94,326.3                 33,014.2                           1,399,698.4                                                      303,227.4
 Proved + Probable + Possible (3P)  408,164.0                142,857.4                          4,502,745.3                                                      1,269,009.9

 

Note: Oil volumes are expressed in thousands of barrels (MBBL). Gross (100%)
figures represent total field reserves; working interest figures represent
Rockhopper's 35 per cent share. Future net revenue is after deductions for
Rockhopper's share of state royalties, capital costs, abandonment costs,
operating expenses and estimates of Falkland Islands corporate income taxes.
NPV10 represents future net revenue discounted at an annual rate of 10 per
cent. NPV10 should not be construed as the fair market value of the
properties. All figures are based on the Base Price Case. See Economic
Parameters below.

 

Contingent Resources

 

The contingent resources figures below are unrisked - they have not been
adjusted for the probability of commercial development. These estimates should
not be aggregated with reserves without extensive consideration of the
differing degrees of technical and commercial risk.

 

Unrisked Gross (100%) Contingent Resources - Oil (MBBL)

 

                         Low Estimate (1C) MBBL  Best Estimate (2C) MBBL  High Estimate (3C) MBBL
 Development Pending     238,736.9               412,481.3                531,242.9
 Development On Hold     78,971.1                181,078.2                299,712.5
 Development Not Viable  5,713.6                 9,602.7                  14,529.9
 Total                   323,421.6               603,162.1                845,485.3

 

Unrisked Working Interest (35%) Contingent Resources - Oil (MBBL)

 

                         Low Estimate (1C) MBBL  Best Estimate (2C) MBBL  High Estimate (3C) MBBL
 Development Pending     83,557.9                144,368.4                185,935.0
 Development On Hold     27,639.9                63,377.4                 104,899.4
 Development Not Viable  1,999.8                 3,360.9                  5,085.5
 Total                   113,197.6               211,106.7                295,919.9

 

Summary of Unrisked Working Interest (35%) Contingent Cash Flows after
Falkland Islands Taxes

Economic analysis has been performed on the Development Pending contingent
resources only.

                     Total (US$000) Undiscounted  NPV10 (US$000)
 Low Estimate (1C)   1,813,859.5                  554,524.8
 Best Estimate (2C)  4,286,664.2                  1,202,666.3
 High Estimate (3C)  6,244,948.0                  1,610,092.7

 

Economic Parameters

 

The Report has been prepared using the following Base Price Case oil price
parameters, based on Brent Crude prices adjusted for quality, transportation
fees and market differentials:

 

 Period Ending     Oil Price (US$/Barrel)
 31 December 2026  62.99
 31 December 2027  64.79
 Thereafter        73.63

 

The development scenario underlying the NPV calculation for the contingent
resources aligns with the previously disclosed multi-phase, two-FPSO scheme
comprising the Northern Development Area ("NDA") Phases 1, 2 and 3 and the
Central Development Area ("CDA") Phases 1 and 2.

 

Bluewater, the FPSO operator, has served notice on the Aoka Mizu FPSO and the
vessel is expected to leave its current location in mid-2026 ahead of a period
of refurbishment work prior to deployment at Sea Lion.

 

Sam Moody, Chief Executive Officer of Rockhopper, commented:

 

"We are delighted to book in excess of 100 million barrels of 2P reserves
following the sanction of Sea Lion Phase 1 - another milestone for Rockhopper.
The new NSAI report independently confirms the significant value we are now on
the path to unlocking. Navitas, our Operator, has recently reported good
progress on the project and has reiterated its target for first oil in early
2028."

 

 

Additional Notes

NSAI has also provided estimates of gross and working interest (i) Contingent
Gas Resources and (ii) Prospective Oil and Gas Resources. These have not been
reproduced in this announcement as there is no plan in place for their
development. The Report also includes economic analysis under Low and High
Price Case sensitivities.

 

The information set out above does not constitute the Report, but is derived
from the Report. A full copy of the Report will be available on Rockhopper's
website later today: www.rockhopperexploration.co.uk
(http://www.rockhopperexploration.co.uk)

 

Resource Disclosure

The Report has been prepared in accordance with the definitions and guidelines
set forth in the 2018 Petroleum Resources Management System ("PRMS") approved
by the Society of Petroleum Engineers ("SPE"). The estimates of reserves and
resources included in this announcement have not been adjusted for risk.

 

Lucy Williams (BSc Geology, MSc Petroleum Geology, Chartered Geologist), the
Company's Geoscience Manager, has reviewed and approved the technical
information contained within this announcement.

 

Enquiries:

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Tel. +44 (0)20 7390 0230 (via Vigo Consulting)

 

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor / James Asensio / Charlie Hammond

Tel. +44 (0)20 7523 8000

 

Peel Hunt LLP (Joint Broker)

Richard Crichton / Georgia Langoulant

Tel. +44 (0)20 7418 8900

 

Vigo Consulting

Patrick d'Ancona / Ben Simons / Fiona Hetherington

Tel. +44 (0)20 7390 0234

 

 

Notes to Editors

Rockhopper Exploration plc is a UK-based oil and gas exploration and
production company with key interests in the Falkland Islands. The Company
holds a 35 per cent interest in licences in the North Falkland Basin, where it
has sanctioned the development of the significant Sea Lion field, originally
discovered by the Company in 2010.

 

Rockhopper's shares are quoted on the AIM market of the London Stock Exchange
under the ticker RKH.

For more information, visit the Company's website at
www.rockhopperexploration.co.uk (http://www.rockhopperexploration.co.uk) .

 

Glossary

 Term                  Definition
 1C                    Low estimate scenario of contingent resources; there is at least a 90%
                       probability that the quantities actually recovered will equal or exceed the 1C
                       estimate.
 2C                    Best (most likely) estimate scenario of contingent resources; there is at
                       least a 50% probability that the quantities actually recovered will equal or
                       exceed the 2C estimate.
 3C                    High estimate scenario of contingent resources; there is at least a 10%
                       probability that the quantities actually recovered will equal or exceed the 3C
                       estimate.
 1P / Proved           Proved Reserves - those quantities of petroleum that, by analysis of
                       geoscience and engineering data, can be estimated with reasonable certainty to
                       be commercially recoverable from known reservoirs under defined conditions.
 2P                    Proved + Probable Reserves. The sum of 1P and Probable Reserves.
 3P                    Proved + Probable + Possible Reserves. The sum of 2P and Possible Reserves.
 CDA                   Central Development Area of the Sea Lion field.
 Contingent Resources  Those quantities of petroleum estimated, as of a given date, to be potentially
                       recoverable from known accumulations by application of development project(s)
                       not currently considered to be commercial owing to one or more contingencies.
 FID                   Final Investment Decision - the decision by the joint venture to commit to
                       full-scale project execution, having secured all necessary approvals and
                       funding.
 FPSO                  Floating Production Storage and Offloading vessel.
 MBBL                  Thousands of barrels of oil.
 MMBBL                 Millions of barrels of oil (= 1,000 MBBL).
 NDA                   Northern Development Area of the Sea Lion field.
 NPV10                 Net present value of future net revenues discounted at an annual rate of 10
                       per cent. NPV10 should not be construed as the fair market value of the
                       properties.
 NSAI                  Netherland, Sewell & Associates, Inc., independent petroleum engineers.
 PRMS                  2018 Petroleum Resources Management System approved by the Society of
                       Petroleum Engineers (SPE) - the industry standard framework for the
                       classification and categorisation of petroleum reserves and resources.
 Reserves              Those quantities of petroleum anticipated to be commercially recoverable by
                       application of development projects to known accumulations from a given date
                       forward under defined conditions. Reserves must be discovered, recoverable,
                       commercial, and remaining as of the evaluation date.
 SPE                   Society of Petroleum Engineers.
 bbl/d                 Barrels of oil per day.

 

 

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