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RKH Rockhopper Exploration Plc

0.275 (2.45%)
Last Updated: 09:50:31
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Rockhopper Exploration Plc LSE:RKH London Ordinary Share GB00B0FVQX23 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.275 2.45% 11.50 146,901 09:50:31
Bid Price Offer Price High Price Low Price Open Price
11.50 11.75 11.55 11.50 11.55
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs USD 652k USD 35.55M USD 0.0606 1.90 67.45M
Last Trade Time Trade Type Trade Size Trade Price Currency
10:37:16 AT 373 11.50 GBX

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Date Time Title Posts
26/11/202312:28Drunken loser 59
14/11/202315:21HUMAN ZOO1
11/11/202317:10HMRC FRAUD HOTLINE10
24/10/202319:15Suspended / Banned2

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Posted at 08/12/2023 08:20 by Rockhopper Exploration Daily Update
Rockhopper Exploration Plc is listed in the Crude Petroleum & Natural Gs sector of the London Stock Exchange with ticker RKH. The last closing price for Rockhopper Exploration was 11.23p.
Rockhopper Exploration currently has 586,485,319 shares in issue. The market capitalisation of Rockhopper Exploration is £67,445,812.
Rockhopper Exploration has a price to earnings ratio (PE ratio) of 1.90.
This morning RKH shares opened at 11.55p
Posted at 02/12/2023 12:49 by gozzie2
LolNot financially competent??Hes certainly that?250k a year whilst the plebs have done their brains in ?Do doff yer cap next time you are in his company?Not rocket science??99icecreamPosts: 948Price: 11.45No OpinionRE: WarrantsToday 12:18Its obviously optimal for the CEO to keep his £ 64,285 in the bank earning interest, until the last moment. Exercising early would be seen as either: a) He is not financially competent or b) Trying to ramp the share price
Posted at 01/12/2023 17:18 by gozzie2
They have all dropped dead ?The youngest holder was 93 lol ?Wtf99icecreamPosts: 947Price: 11.60No OpinionRE: Share priceToday 15:33Another 4.2% of warrants exercised during November (75% remain to be exercised
Posted at 01/12/2023 15:41 by nigoil
Total Voting Rights
Today 15:14

RNS Number : 4503V
Rockhopper Exploration plc
01 December 2023
1 December 2023

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Total Voting Rights

Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin, announces that it has issued a total of 2,538,173 Ordinary Shares of 1 pence each (the "Shares") pursuant to the exercise of warrants which were issued as part of the capital raising in June 2022. The Shares were issued on 2, 9, 16, 23 and 30 November 2023 under the Company's existing block listing entitlement.

In conformity with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company confirms that, as at 30 November 2023, the issued ordinary share capital of the Company consisted of 595,523,049 Ordinary Shares of 1 pence each with voting rights attached (one vote per ordinary share). The Company does not hold any shares in Treasury at the date of this disclosure. The issued share capital figure can be used by shareholders as the denominator for the calculations by which to determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.


Simples!....... :-)
Posted at 24/11/2023 16:06 by the patriotic irishman
'never wrong' eh 🤔


Nigoil - 19 Feb 2020 - 07:12:12 - RKH

FID and project sanction of Sealion 2020....... FACT

Drilling of Rhea BEFORE May 2021........ FACT

RKH Strong Buy......... FACT


24th November 2023 FACT check

FID and project sanction of sealion in 2020 - the computer says: NO 🤡

drilling Rhea BEFORE MAY 2021 - the computer says: NO 🤡

RKH STRONG BUY - 19th Feb 2020 the share price was 16.75 pence so the computer says:

oh how WE laughed and laughed and laughed 🤣 🤣 🤣

err First Oil is when again 😲

whoops I better shush as not a lot of people know the latest timescale yet 😉
Posted at 23/11/2023 17:50 by gozzie2
And the g0rmless on lse, continued to tell me that 44p was a good price and everyone that disagreed was a Russian lolTh1ck barstewards FACTSimilarly with the share price if we use 2009 then we are definitely cooling however use our low point of 4p then we are heating up quite nicely!!!Sadly I guess (like me) most use the high point but hopefully have been sensible enough to buy at the low points and hence (like climate change) establish an averageJust a thoughtGLABoboil
Posted at 23/11/2023 10:07 by gozzie2
They actually believe we will get paid out in 2024 lol ?WowHappyInvestor100Posts: 3,249Price: 10.75Strong BuyIsn't Award more material than FID in 2024?Today 09:57Genuine question: near-term, even if FID does not happen in 2024 but we recover our Award monies or make material progress towards doing so, do you not think the share price will be much higher?What's the real catalyst for share price during 2024?All IMHO DYORHappy
Posted at 23/11/2023 07:49 by the patriotic irishman
whoooooooooooooops 🤡

Nigoil 28 Oct '22 - 10:28 - 95174 - RKH

WE hope you have taken advantage of the slight drop!

10p.....Eh?..... Really?..... LOL


30-40p coming real soooooooooon!


The GREAT Nigoil is never wrong!

Simples!...... :-)


RKH share price back in the 10's 😲


REALLY 🤣 🤣 🤣
Posted at 22/11/2023 23:31 by gozzie2
Because 99 percent of people are greedy barstewards and hoped for more .Why December 31st for warrants to run out when all the action has been told to us will happen in 2024 Warrants typically have long expiration dates. It's not uncommon for a warrant to expire five, 10, or 15 years from the date it's issued. Options, on the other hand, usually have expiration dates measured in days, weeks, or BlueDefenderPosts: 209Price: 10.60No OpinionRE: Sub 11p ComingToday 22:4399 ice-cream, have to say I don't really get it, this leaving it till the last minute to exercise warrants if they wish to sell! They would have been far better just to have done so months ago when there was no pressure on the share price, maybe that is crystal balling on my part to say that but still it would seem to me better to have taken up warrants earlier and bagged say 3-4p as apposed to being pushed into a corner for 1.5p profit currently.I have no idea why it is down so much on so few shares traded over the last few days, no doubt it's some kind of skulduggery that it known only to them that know
Posted at 22/11/2023 18:44 by gozzie2
25th October 2019 lolYep bring it on Eh???HenrygrouchoPosted in: RKHPosts: 327Price: 18.36Strong BuyRE: 14th November - Nigoil25 Oct 2019 16:58A problem these traders have and fund managers is results need to be instant. Failure results in them being replaced. The private investor. Once having done research can patiently wait. The others try to demoralise at the last minute to literally steal the shares they've scared out of people. That's what's going on now. Don't fall for it. Your patience and mine will be rewardedHenrygrouchoPosts: 327Price: 10.60No OpinionRE: 12 pence and fallingToday 16:15The performance of the share price to me is no surprise. The market managers are doing an admirable job along with the normal doom and gloom merchants . We will see repeats of this for the coming weeks. It's a organised attack to gain shares . Bring it on !!
Posted at 28/9/2023 08:17 by tizo100
28/09/2023 7:00am
UK Regulatory (RNS & others)

Rockhopper Exploration (LSE:RKH)
Intraday Stock Chart

Thursday 28 September 2023

Click Here for more Rockhopper Exploration Charts.

RNS Number : 9013N

Rockhopper Exploration plc

28 September 2023

28 September 2023

Rockhopper Exploration plc

("Rockhopper", the "Group" or the "Company")

Half-Year Results for the Six Months Ended 30 June 2023

Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin, announces its unaudited results for the six months ended 30 June 2023 ("H1 2023").


Sea Lion and North Falkland Basin

-- Reworked base case project reduces costs while increasing total production
o Total barrels developed: 269mmbbls

o Production plateau: 80,000 bbls/d

o Pre first oil capex US$1.3bn, assuming leased FPSO

o Life of field costs less than US$30 per barrel

-- Sea Lion is competitive on a global scale
o Base case gross joint venture NPV10 >US$4bn at $77 Brent

-- Work to refine project phasing and financing plan continues
Ombrina Mare

-- Rockhopper awarded c.EUR190 million plus interest (the "Award") in August 2022 following successful arbitration outcome

-- Italy seeking to have the Award annulled; Rockhopper contesting annulment
-- Stay of Enforcement lifted, escrow arrangements in place
-- Rockhopper exploring all avenues to secure value
-- Annulment hearing set for January 2024
Corporate and Financial

-- Continued focus on costs post completion of successful capital raise in July 2022
-- At 30 June 2023, the Group had 53.9 million unexercised 9 pence warrants in issue, with an expiry date of 31 December 2023

-- Cash and term deposit balance at 30 June 2023 of US$6.7 million
-- Highly experienced new Non-Executive Chair (Simon Thomson) and Non-Executive Director (Paul Mayland) assuming roles from 1 October 2023


-- Work continues on refining new lower cost Sea Lion development and financing plan
-- Stay on Enforcement on Award lifted - Rockhopper in a position to commence legal proceedings against Italy for non-payment

-- Navitas targeting Sea Lion FID during 2024
Keith Lough, outgoing Chairman of Rockhopper, commented:

"After nine challenging and enjoyable years, John Summers and I will leave Rockhopper in the strongest position your Company has seen for some considerable time. We have a committed, focussed, and capable partner that has already worked up a hugely impressive lower cost, highly capital efficient project at Sea Lion. In addition, the Stay of Enforcement on our EUR190million ICSID award is now lifted and we are working with our advisers on all avenues to monetise this award. Our 2022 capital raise allowed us to extend our licences, bring Navitas on board and continue to contest the Arbitration. Finally, we welcome Simon Thomson and Paul Mayland to the Board, bringing with them a wealth of directly relevant experience in the industry and detailed knowledge of Sea Lion.

"I wish the new Board and all holders every success for the future, and I know your Company remains in the best possible hands."


Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Tel. +44 (0) 20 7390 0234 (via Vigo Consulting)

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor/Gordon Hamilton

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



Rockhopper's strategy is to create value for all our stakeholders through the safe and responsible development of our assets in the North Falkland Basin. The Company has been operating offshore the Falkland Islands since 2004 and discovered the Sea Lion oilfield in 2010. We are a long-term partner of the Falkland Islands Government ("FIG"), and our aim has always been to support the rights of the Falkland Islanders to develop their natural resources.


It remains our view that Sea Lion, which at the 700mmbbls 2C audited by Netherland Sewell & Associates ("NSAI")(1) is larger than Cambo and Rosebank combined, and represents an important and potentially highly valuable strategic asset for the Falkland Islands, the UK and all our stakeholders. The work Navitas Petroleum LP ("Navitas") has done reduces upfront and operating costs to such an extent that we see the project as being in a position to compete with almost any currently undeveloped offshore project in the world.

The base development case is for 269 mmbbls of oil via a leased, re-deployed FPSO with 23 wells in total, spread over two separate drilling campaigns. The first campaign comprises 18 wells, of which 11 are drilled pre-first-oil, with the second campaign for a further five wells to be drilled post-first-oil. Plateau production is expected to reach approximately 80,000 bbls per day.

Following the exit of Harbour Energy and the formation of the new Rockhopper-Navitas JV that completed in September 2022 (the "Transaction"), we have full alignment across our North Falkland Basin ("NFB") acreage, with Navitas as Operator and holding a 65% interest, and Rockhopper retaining a 35% working interest.

As a result of the Transaction, Rockhopper benefits from two loans from Navitas. The first loan covers all Rockhopper's net Sea Lion Phase 1 working interest costs (other than licence fees and taxes) at an interest rate of 8% and is available currently, following transaction completion, through to FID. The second 0% interest loan covers two-thirds of our net working interest Sea Lion Phase 1 costs from FID to the earlier of 12 months post-first oil or project completion (other than licence fees and taxes) for project costs not covered by third party debt financing. Both loans are repaid from 85% of Rockhopper's net Sea Lion Phase 1 cash flows.

As a result of the works undertaken by Navitas, total capex for the project estimates have been reduced to c.US$2.2bn, with pre-first oil capex now estimated to be around US$1.3bn, a significant reduction on previous estimates. Life of field costs are expected to be less than US$30 per barrel with capex and opex (including FPSO lease) as previously disclosed.

([1]) Navitas appointed Netherland Sewell & Associates ("NSAI") to review the quantities of oil and gas in the basin and produce a net present value calculation based on the new development plan. Whilst Rockhopper was not an addressee of the report, we endorsed its conclusions. The last independent resource report commissioned directly by Rockhopper was the ERCE 2016 Report which had an estimated 2C value of 517 MMbbls. The Navitas commissioned NSAI Independent Report used an updated approach and assumptions to the ERCE 2016 report.

Reducing project breakeven from over US$40 to under US$30 per barrel in a rising cost environment is a hugely impressive achievement, significantly improving both project economics and the ability to raise finance. Having established a new base project, work focuses on project phasing and financing, with Navitas still targeting FID during 2024.


As announced on 24 August 2022, the arbitration panel unanimously held that Italy had breached its obligations under the Energy Charter Treaty (the "Award") entitling Rockhopper to compensation of EUR190 million plus interest at EURIBOR + 4%, compounded annually from 29 January 2016 until time of payment (except the four-month period immediately following the date of the Award).

On 28 October 2022, Italy submitted an application to the International Centre for Settlement of Investment Disputes ("ICSID") seeking to annul the Award under Article 52 of the ICSID Convention. Italy also requested a provisional stay of the enforcement of the Award pursuant to Article 52(5) of the ICSID Convention. The provisional stay prevented Rockhopper from taking legal action to enforce the Award in any jurisdiction.

Following a hearing on 6 March 2023, the ad hoc committee (the "Committee") convened by the ICSID to rule on the annulment issued the following orders with regard to the provisional stay of enforcement:

1: that Italy and Rockhopper (together the "Parties") shall confer - in good faith and using their best efforts to cooperate and find an effective arrangement - for the mitigation of the risk of non-recoupment using a first-class international bank outside the European Union (or as Italy and Rockhopper otherwise agree) to be put into place in anticipation of the termination of the provisional stay of enforcement of the Award. This is to mitigate the perceived risk that, in the event the Award is annulled, Italy may not be able to recover Italian assets seized or frozen by Rockhopper (before the ad hoc Committee issues its decision on annulment) in court enforcement proceedings.

2: that Rockhopper shall, within 30 days of the date of the decision, apprise the Committee of arrangements agreed with Italy for the mitigation of the risk of non-recoupment or that negotiations have failed and, in the latter event, propose concrete arrangements in accordance with the decision for the mitigation of the risk of non-recoupment. Italy may then briefly comment on Rockhopper's proposal within 10 days, constructively highlighting any areas of disagreement between the Parties.

In line with preceding orders and following failure to agree arrangements with Italy, Rockhopper submitted its proposed arrangements (the "Escrow Arrangements") to mitigate the risk of non-recoupment on 24 May 2023. On 5 June 2023 Italy submitted its comments on the Escrow Arrangements.

On 11 July 2023, and having received additional comments from the Parties, the Committee issued the following orders with regard to the provisional stay of enforcement:

1: That the provisional stay of enforcement shall terminate 5 business days following the provision by Rockhopper to Italy of documentation that escrow arrangements in the form proposed have been established, provided that Italy does not within those 5 business days submit a reasoned written objection in these annulment proceedings that the escrow arrangements established are not in accordance with the proposed arrangements.

2: Reserves its right to revisit its decision at any time; and

3: Reserves its decision on costs

Italy submitted no further comments on the Escrow Arrangements and so the stay of enforcement is now lifted.

Against this background, we are working with our advisers on all avenues to monetise this award.


Having undertaken a well-supported capital raise during the summer of 2022, we continue to monitor costs closely and ended the period with cash and term deposits of US$6.7 million on our balance sheet, despite higher legal spend as a result of positive developments on the Ombrina Mare arbitration.

We offered warrants to those participating in the capital raise, giving them the right to purchase shares at 9p, to be exercised at any point until 31 December 2023. This provided shareholders with additional potential upside, and Rockhopper a stronger balance sheet should those warrants be exercised. As at 30 June 2023 there were c53.9 million unexercised warrants which if all exercised would raise an additional GBP4.9 million before expenses.

We retain our core technical and financial knowledge and capabilities using a low cost, efficient business model and this continues to be our focus going forwards.


ESG and Corporate Responsibility more generally continue to be a key focus for Rockhopper. As an oil and gas exploration and production business, our role is to discover and produce hydrocarbons in an environmentally responsible manner.

As noted previously, the Falkland Islands Government established an independent environment trust to receive and administer future off-setting payments from the Sea Lion project and distribute those funds for activities aimed at ensuring a positive environmental legacy in the Falkland Islands.

Once FID on Sea Lion has been achieved, the Company commits to defining measures, reporting transparently, and mitigating our own emissions as far as practicable.


The positive momentum we have been building over recent years continues. The reworked, lower-cost Sea Lion development competes with almost any undeveloped 500-700 mmbbls field in the world with returns plainly helped by current oil prices. Work on refining the phasing and financing of the development continues.

Now the stay of enforcement has been lifted on Ombrina Mare we are investigating any and all avenues to create value for holders in the face of continued Italian non-compliance with their international treaty obligations.

The new Board has direct, relevant, in-depth experience and knowledge of arbitration processes, and is committed to working closely with all stakeholders to maximise the chance of unlocking the value within the Falklands and Ombrina Mare arbitration award.


Results for the period

For the period ended 30 June 2023, the Group reported revenues of US$nil (H1 2022: US$0.5 million) and a loss after tax of US$2.6 million (H1 2022: loss of US$0.7 million). The increase in loss after tax was driven mainly by a reduction in net foreign exchange gains on GBP denominated balances. In particular, the weakening of the GBP against the USD resulted in a prior year US$4.4 million gain on the carrying value of the tax liability with FIG.

Revenue and cost of sales

The Group's production ceased during the prior year and as such there were no revenues in the period (H1 2022: US$0.5 million). The existing portfolio continues to be evaluated for further opportunities but revenue and cost of sales are not expected to be material in the immediate future.

Operating costs

The Group continues to manage corporate costs and has achieved significant reductions in recurring general and administrative ("G&A") costs over the last five years. The full benefit of these cost reduction initiatives was realised in 2021. The increase in G&A cost for the period to US$2.1million (H1 2022: US$1.5 million) almost entirely relates to legal fees associated with the Ombrina Mare arbitration. The Group made the decision to use existing resources to fund all legal costs arising from contesting the request by Italy for annulment whilst it explores all funding possibilities. Costs were incurred contesting Italy's request for a stay of enforcement as well as initial fees drafting the Group's counter memorial on annulment itself. We continue to focus on our cost base and made the decision to close our Rome office in the period. Whilst accelerating some costs in the short term overall, this results in a lower cost base moving forward.

The foreign exchange gain in the period of US$0.6 million (2022: gain of US$3.4 million) mainly arose on GBP denominated cash and term deposit balances. In previous years, foreign exchange movements were predominantly in relation to the tax balance arising from the Group's farm-out to Premier Oil ("Premier"). In the prior year, subsequent to the Transaction this balance was adjusted to nil and as a result foreign exchange gains and losses are expected to be less significant going forward. The tax balance is discussed in greater detail below and in note 7 of these interim condensed consolidated financial statements.

Finance expenses in the period of US$0.7 million (H1 2022: $US2.0 million) relate to the unwinding of discounts on provisions. The previous period finance expense related mainly to the impact of discounting the aforementioned Falkland Islands tax liability.

Cash movements and capital expenditure

At 30 June 2023, the Group had cash and term deposits of US$6.7 million (31 December 2022: US$9.8 million).

Cash and term deposit movements during the period:

--------------------------------------- ------
Opening cash and term deposit balance
(31 December 2022) 9.8
Cost of sales (0.4)
Falkland Islands (0.7)
Administrative expenses (2.1)
Proceeds of warrants 0.3
Miscellaneous (0.2)
Closing cash and term deposit balance
(30 June 2023) 6.7
--------------------------------------- ------

Miscellaneous includes foreign exchange and movements in working capital during the period.

Oil and gas assets

The Sea Lion development remains central to the Group's plans and the additions in the period of US$2.0 million almost entirely relate to this project. As part of the transaction to bring Navitas onto the licences, Navitas agreed to provide loan funding to the Group to cover the majority of its share of Sea Lion phase one related costs from Transaction completion, in September 2022, up to Final Investment Decision ("FID") and has interest charged at 8% per annum (the "Pre-FID Loan"). Subject to a positive FID, Navitas will provide a second interest free loan to fund two-thirds of the Group's share of Sea Lion phase one development costs (for any costs not met by third party debt financing).

Certain costs, such as licence costs, are excluded in both instances. Funds drawn under the loans will be repaid from 85% of Rockhopper's working interest share of free cash flow.


On the 8 April 2015, the Group agreed binding documentation ("Tax Settlement Deed") with FIG in relation to the tax arising from the Group's farm out to Premier.

The Tax Settlement Deed confirms the quantum and deferment of the outstanding tax liability and is made under Extra Statutory Concession 16.

The Tax Settlement Deed also states that the Group is entitled to make adjustments to the outstanding tax liability if and to the extent that the Commissioner is satisfied that any part of the Development Carry becomes irrecoverable. Under the Transaction the balance of Development Carry has become irrecoverable and in the Group's judgment no further amounts are due on the Group's 2012 farm-out to Premier.

Given the highly material nature of this judgment professional advice has been sought to confirm that it is probable that if challenged it would be concluded that the Group is entitled to adjust the outstanding tax liability for the irrecoverable Development Carry. As such the Group has derecognised the tax liability to measure it at the most likely amount that the liability will be settled for of US$nil. We continue to engage with FIG to formalise the tax implications of the termination of the 2012 Premier Oil farm down which resulted in an irrecoverable carry of approximately US$670 million.

Should it be proven that there is no entitlement to adjustment under the Tax Settlement Deed then the outstanding tax liability would be GBP59.6 million and still payable on the earlier of: (i) the first royalty payment date on Sea Lion; (ii) the date of which Rockhopper disposes of all or a substantial part of the Group's remaining licence interests in the North Falkland Basin; or (iii) a change of control of Rockhopper Exploration plc.

In this unlikely instance, the Group believes the most likely timing of payment is in line with the first royalty payment. Based on previous correspondence with FIG, management does not believe that the Transaction's completion constitutes a substantial disposal and therefore would not have accelerated the liability should it be shown to be still payable.

Liquidity, counterparty risk and going concern

The Group monitors its cash position, cash forecasts and liquidity on a regular basis and takes a conservative approach to cash management.

At 30 June 2023, the Group had cash resources of US$6.7 million. Historically, the Group's largest annual expenditure has related to pre-sanction costs associated with the Sea Lion development. Following completion of the Transaction, the Group benefits from loan funding for its share of all Sea Lion pre-sanction costs (other than licence fees and taxes).

Normal working capital requirements and projected recurring expenditure is expected to be around US$4.0 million per year and in addition there are costs associated with maintaining the various licences and concessions in the Group's Italian portfolio.

In addition to the above requirements, the third-party funding agreement in place to cover costs in relation to its ICSID arbitration with the Republic of Italy does not cover any costs arising past the date of the Award (23 August 2022). A separate success fee of GBP3.3 million is due to the Company's legal representatives on establishing liability and an award requiring Italy to pay at least EUR25 million in damages. This amount is also not covered by the funding agreement.

Having anticipated Italy might attempt to annul the Award, Rockhopper had a non-binding offer in place to fund both fighting the annulment and enforcing the Award. As previously mentioned the Group has chosen to use existing resources to fund all legal costs arising from contesting the request by Italy for annulment whilst it explores all funding possibilities.

At the period end the Group had 53.9 million unexercised 9 pence warrants in issue with an expiry date of 31 December 2023. Assuming the share price is in excess of 9 pence, which it is at time of writing, the Group expects the majority of these warrants to be exercised providing additional funds of up to GBP4.9 million. However, in the downside circumstances where these outstanding warrants are not fully exercised the Group would have to raise additional funds within the next 12 months to meet both legal costs in relation to the arbitration and normal working capital requirements.

In light of this the Group is actively considering all potential sources of additional funding including but not limited to collection/monetisation of arbitration award proceeds, deferral of expenditure or raising additional equity. We continue to monitor the short, medium and long term funding requirements as we work towards project sanction of Sea Lion.

Principal risk and uncertainties

A detailed review of the potential risks and uncertainties which could impact the Group are outlined in the Strategic Report of the Group's annual consolidated financial statements. The Group identified its key risks at the end of 2022 as being:

-- oil price volatility;
-- access to capital;
-- joint venture partner alignment; and
-- failure of joint venture partners to secure the requisite funding to allow a Sea Lion Final Investment Decision.
Rockhopper Exploration share price data is direct from the London Stock Exchange

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