Edison Investment Research - Rockhopper Exploration (RKH) Rockhopper Exploration - Two material events on the horizon

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Edison Investment Research

Sanjeev Bahl

Rockhopper Exploration - Two material events on the horizon

The Rockhopper (RKH)/Premier Oil (PMO) joint venture (JV) has submitted the preliminary information memorandum (PIM) to potential providers of senior debt project finance for the Sea Lion development. Submission of the PIM is supported by independent expert reports covering a range of technical, legal and tax aspects of the Sea Lion project. The JV views this as a material milestone and anticipates moving into detailed lender due diligence and documentation in Q419. In June, Italy's request for the suspension of the Ombrina Mare arbitration was rejected. RKH is seeking significant monetary damages and an award is now expected in Q120. Confirmation of Sea Lion FID and a successful arbitration outcome for Ombrina Mare have the potential to close the gap between the current share price and our valuation. We continue to assume a Sea Lion phase 1 first oil date of mid-2024, with our risked valuation standing at 79.6p/share.

07/08/2019 5 EN

Underlying

Rockhopper Exploration

Rockhopper Exploration is an oil and gas exploration and production company with key interests in the North Falkland Basin and the Greater Mediterranean region.

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GB00B0FVQX23 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sanjeev Bahl

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Rockhopper Exploration - Two material events on the horizon

Auctus on Friday - 26/01/2024

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AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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