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OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration

Rockhopper Exploration · Oct 14, 2013 · 22 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 1
    ROCKHOPPER EXPLORATION Focused on the Falklands Corporate update October 2013
  2. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 2
    ROCKHOPPER EXPLORATION CORPORATE SNAPSHOT TRACK RECORD Rockhopper has interests in 8 licences in the 2004 - 2005 North Falkland Basin (NFB). These include 40% of Rockhopper is established and initially is granted 4 licences. Phase 1 of…
  3. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 3
    ROCKHOPPER EXPLORATION BUILDING A SOLID FOUNDATION Rockhopper has a partner with both the financial and technical resources to exploit the Sea Lion oil field and its satellites. As a result of farming out to Premier Oil in 2012,…
  4. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 4
    SEA LION PROJECT SUBSURFACE MODELS COMPLETE, OPTIMISATION ONGOING The latest modelling suggests 2C resources Sea Lion & satellites mid-case resources estimates of 337mmbbl in the SLMC if a gas cap is Phase 1 Phase 2 Total Phase 1 share…
  5. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 5
    SEA LION PROJECT PHASED DRILLING Rockhopper and Premier continue to favour a phased drilling programme starting in the north of the field where 284mmbbl of Sea Lions resources are located. The field development plan will be…
  6. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 6
    SEA LION PROJECT EXAMINING AN ALTERNATIVE CONCEPT Premier has confirmed that an FPSO solution for the Sea Lion development is viable and meets its internal metrics. Nonetheless, it is possible that a TLP will improve the economics…
  7. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 7
    EXPLORATION UPSIDE FARM-IN DEAL SNAPSHOT Rockhopper Exploration, Premier Oil and Key licence interests (post farm-in) Falkland Oil & Gas (FOGL) have agreed to align Rockhopper Premier Oil FOGL their interests in blocks PL004a, PL004b,…
  8. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 8
    EXPLORATION UPSIDE DRILLING PLANS Rockhopper and Premier intend to enter into a rig sharing arrangement with other Falklands operators. Three slots for the joint venture were included in the recent EOI issued by Noble Energy and it is…
  9. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 9
    EXPLORATION CHATHAM WELLUPSIDE DRILL TARGETS SEA LION GAS CAP / CHATHAM CHATHAM Technical analysis reveals the possibility (estimated at 50% by SL20 Rockhopper) of a of non-equilibrium gas cap on the western flank of Sea Lion. This…
  10. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 10
    EXPLORATION UPSIDE ISOBEL / ELAINE Isobel/Elaine is located in PL004a, where Rockhoppers IRENE working interest will increase from 3% to 24%. The well will EMILY target six stacked exploration objectives (GCoS 13%-18%). ELAINE S…
  11. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 11
    EXPLORATION UPSIDE ZEBEDEE WELL DRILL TARGETS JAYNE EAST Jayne East is located in PL004c, where Rockhoppers working interest will increase from 10% to 24%, and the well will have five targets (GCoS 13%36%). The primary objective is…
  12. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 12
    EXPLORATION UPSIDE ZEBEDEE The Zebedee location is in block PL004b and the well will target 8 stacked exploration objectives (GCoS 9%-52%). These have the potential to contain estimated total mean unrisked STOIIP of approximately 1.2…
  13. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 13
    FINANCIAL REVIEW BALANCE SHEET STRENGTHENED In the year to 31st March 2013, Rockhopper Income statement US million recorded a pre-tax profit of US47 million after an Underlying operating loss (13) exceptional gain of US59 million.…
  14. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 14
    FINANCIAL REVIEW TAX RETURN SUBMITTED In May 2013, a tax return was submitted to the Rockhopper CGT liability estimates* m Falkland Islands Government Tax Office (FIGTO) that Total 52 recognised a CGT liability related to the farm-out…
  15. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 15
    FINANCIAL REVIEW CREATING DISTRIBUTABLE RESERVES At a General Meeting In June 2013, Rockhoppers Funding requirements ahead of first oil shareholders voted in favour of a proposal to cancel the Share Premium Account in order to create…
  16. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 16
    SUMMARY GROWING LONG-TERM VALUE Rockhopper has a strong balance sheet with net cash, adjusted for its estimated CGT liability, of US220 million. Rockhopper is fully funded for its share of future capital expenditure on Sea Lion…
  17. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 17
    APPENDIX 18
  18. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 18
    OPERATIONS DRILLING EFFICIENCY (AGR DATA) Waiting-on-weather Non-productive time NFB vs. North Sea NFB vs. North Sea All wells average (46 All wells average (46 9.5% 18.5% wells) wells) North Sea average (35 North Sea average…
  19. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 19
    OPERATIONS METOCEAN CONDITIONS 20
  20. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 20
    FARM OUT TO PREMIER OIL HIGHLIGHTS OF THE TRANSACTION Farm-out to Premier Oil announced in July 2012 Objectives Attract an experienced and capable operator to develop Sea Lion. Fully finance the project. Retain a material stake.…
  21. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 21
    FARM OUT STANDBY FINANCING & TAX TREATMENT Financing arrangement with Premier Oil Expected tax treatment Available on all development capex (pre and post first oil). Branch elections effective from 1 April 2012 mean that this is…
  22. OCTOBER 2013 CORPORATE UPDATE – Rockhopper Exploration – slide 22
    BOARD OF DIRECTORS DR. PIERRE JUNGELS, CBE - Chairman CHRIS WALTON Senior Independent Director PhD Geophysics & Hydraulics, California Institute of Finance Director at Easyjet from 1999 to 2005 where Technology. Previously worked at…

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