ROCKHOPPER EXPLORATION PLC INVESTOR UPDATE JULY / AUGUST 2012
ROCKHOPPER EXPLORATION OPENING A NEW OIL PROVINCE Rockhopper holds licences in the North Falkland Basin Ten well drilling campaign 20102012 70% success rate Significant upside remains Gross best unrisked prospective…
DETAILED ACREAGE POSITION POST FARM OUT SUBJECT TO REGULATORY AND PARTNER APPROVALS Licence RKH Interest PL032 40% PL033 40% PL023 40% PL024 40% PL003 3% PL004a 3% PL004b 24% PL004c 10% 4
A TRANSFORMATIONAL DEAL FOR ROCKHOPPER Rockhopper, Bank of America Merrill Lynch and Rothschild approached global audience A Global including independents, IOCs and NOCs Competitive Auction Completed Disciplined process with…
TERMS OF THE FARM OUT A QUICK REPRISE Upfront cash payable on completion: US231mm The Financial Net development funding / carry from 1 April 2012: US722mm Terms of Net exploration carry: US48mm the Farm-out Optional standby…
FARMOUT CLOSES THE VALUE GAP AND DERISKS THE PROJECT GCA prepared economic evaluation to derive Post-deal: Highly Value Accretive Farm-out Net Present Values (NPVs) for Sea Lion and Rockhopper GCA Risked GCA Unrisked Further…
SEA LION: WELL APPRAISED AND READY FOR DEVELOPMENT Indicative Sea Lion Extensive Work Completed Schedule To First Oil Development Costs Multiple 2D, 3D seismic programmes FEED USmm 10 operated wells 5,000 Pre-First Oil 2 drill…
SIGNIFICANT UPSIDE REMAINS IN NORTH FALKLAND BASIN Rockhopper to take subsurface lead in exploration Rockhopper has strong understanding of the North Falkland Basin following its highly successful drilling campaign with 70% success…
TRANSFORMATIONAL EXPLORATION POTENTIAL THROUGH AMI AND NEW VENTURE ACTIVITY Southern Africa AMI targets geological province that is continuation of Cretaceous rifted eastern margin play of the opening Southern Atlantic…
APPENDIX 11
INFORMATION ON PREMIER OIL Key Facts on Premier Oil Sea Lion is Important to Premier Oil Net Production Premier Oil plc was founded in 1934, is (boepd) 160,000 headquartered in London and listed on LSE since Huntington, Rochelle…
GCA ASSUMPTIONS AND SUMMARY OUTPUT Competent Persons Report (CPR) issued by Gaffney Cline & Associates (GCA) in April 2012 (1) Sea Lion Adj. Discoveries Total Net Unrisked Oil Contingent 1C Resources (mmbbl) 194.7 30.7 225.4…
DETAILS ON OPTIONAL STANDBY FINANCING ARRANGEMENTS Assuming US2,000mm costs to first oil (leased FPSO), this implies US800mm for Rockhoppers share less development funding/carry of US722mm, resulting in a funding need of US78mm…
DETAILS ON OPTIONAL STANDBY FINANCING ARRANGEMENTS (CONTD) WORKED EXAMPLES ILLUSTRAING THE ENTITLEMENT CALCULATION IF STANDBY FUNDING IS TAKEN UP (1) Capex to First Oil USmm 3,000.0 Rockhoppers 40% Equity Share USmm 1,200.0 US3bn…
EXPECTED TAX TREATMENT OF THE FARM OUT Branch elections effective from 1 April 2012 mean that this is outside the scope of UK tax Deemed as a disposal within the Falkland Island ring fence and therefore subject to Capital Gains Tax…
ACCOUNTING & CLASS TEST TREATMENT OF THE FARM OUT Treated in line with prevalent industry practice Accounting Treatment Only the cash element is recognised at the time of completion and set against related intangible expenditure…
OPERATIONS DRILLING EFFICIENCY (AGR DATA) WOW Vs. North Sea NPT Vs. North Sea A ll wells average (46 A ll wells average (46 9.5% 18.5% wells) wells) No rth Sea average (35 No rth Sea average (35 10.6% 20.8% wells) wells)…
OPERATIONS 0.0 Rockhopper 'Sea Lion' All Wells From Spud Time Depth Curve 14/10-2 METOCEAN CONDITIONS AND 14/10-3 14/10-4 14/10-5 DRILLING PERFORMANCE 14/10-6 500.0 14/10-7 14/10-8 14/10- 9, 9z 14/15-4,4A,4z 1000.0…
OIL QUALITY / ASSAY GOOD QUALITY OIL AND GLOBALLY TRADABLE Sea Lion Medium light sweet crude Circa. 20% wax Low sulphur Low TAN Trading study based on 2x assays Globally marketable Gulf Coast 20 days NW Europe 25 days Far…
EXPLORATION PROSPECT INVENTORY FAN PLAY TYPE Fan Name Block WI % Gross Unrisked Prospective Resources MMBBLS GCoS % Low Best High SL30 PL032 40 8.5 13.0 18.6 22 Casper South PL032 40 3.8 6.2 9.1 16 Casper South PL004c 10 5.3 8.1…
EXPLORATION LEADS INVENTORY Lead Block WI % Gross Unrisked Prospective Resources MMBBLS GCoS % Best (1) Jason PL032 40 254.4 5 (1) Tyssen PL032 40 65.4 5 (1) Sedge PL004c 40 65.7 5 Fox (1) PL004b 40 172.7 GCA 5 Stephens (1)…
Loading...
