27th Aug 2026 10:45
(Alliance News) - Rockhopper Exploration PLC on Thursday announced it aims to raise money amid its focus on its Sea Lion field development in the Falkland Islands, whose net present value was raised on Wednesday.
The Salisbury, England-based oil and gas company, which owns a 35% interest in the Sea Lion development in the Falkand Islands, expects to raise around GBP132.4 million via placing at 70 pence per share, a 4.9% discount to its volume-weighted average price of 73.58p for the 30-day period ended last week Friday.
Further, it plans to raise around GBP14.4 million via an open offer of new shares at 70p each.
The combined GBP146.8 million raising target is worth around 23% of company's GBP630.3 million market capitalisation as of Thursday morning, with shares unmoved at 73.63p each.
Rockhopper said the placing ensures that it can participate in the acquisition of pro-rate shares of OSX-1, a floating production, storage and offloading vessel bought by project operator Navitas Petroleum for the Sea Lion project.
Rockhopper Chief Executive Officer Sam Moody said: "I would like to remind investors that the company is in a great position today. Not least I would highlight that we are on track for first oil from Sea Lion in Q1 2028 with development drilling expected to commence early next year."
On Wednesday, Rockhopper had announced that the net present value of its interest in the Sea Lion project increased following an updated independent assessment.
The assessment by Dutch company Sewell & Associates increased the net present value of its interest by about USD788 million compared with the previous independent resource evaluation.
The increase reflects higher resource estimates, the accelerated development of the central development area and updated oil price assumptions, the company said Wednesday.
Future net revenue attributable to Rockhopper, after royalties, capital costs, abandonment costs, operating expenses and estimated Falkland Islands corporate income taxes, is estimated at USD3.40 billion on an undiscounted basis, with a net present value at a 10% discount rate of USD1.18 billion.
The assessment also identified 626.1 million barrels of best-estimate contingent resources on a gross basis, giving Rockhopper a share of 219.1 million barrels. The development-pending resources have a net present value of USD1.78 billion.
By Tom Budszus, Alliance News slot editor
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