Update: Looking into 2016
In early January 2016, the results of the Isobel-2 re-drill were announced, confirming a large total oil column in the Isobel Deep reservoir (more than 480m) and hydrocarbons across four other horizons. Rockhopper has concluded that Isobel is “highly likely to contain a commercially viable quantity of recoverable oilâ€. This resource base adds to the Sea Lion development, which has benefited from falling service costs. With largely unchanged capital investment, the project should see a sharp increase in Phase 1a recoverable volumes, reducing the break-even price. The merger with FOGL, completed on 18 Jan, has streamlined the ownership of the assets and makes a potential farm-out easier for RKH and PMO. We have adjusted our valuation for substantial changes since our last note, arriving at a core NAV of 104p/share (was 147p) and RENAV of 133p/share (178p).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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