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CORPORATE UPDATE – Rockhopper Exploration

Rockhopper Exploration · Feb 1, 2014 · 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. CORPORATE UPDATE – Rockhopper Exploration – slide 1
    ROCKHOPPER EXPLORATION Corporate update February 2014
  2. CORPORATE UPDATE – Rockhopper Exploration – slide 2
    ROCKHOPPER EXPLORATION CORPORATE SNAPSHOT TRACK RECORD Rockhopper has interests in 6 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. CORPORATE UPDATE – Rockhopper Exploration – slide 3
    ROCKHOPPER EXPLORATION BUILDING A SOLID FOUNDATION In Premier Oil, Rockhopper believes it 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…
  4. CORPORATE UPDATE – Rockhopper Exploration – slide 4
    SEA LION PROJECT PHASE 1 DEVELOPMENT Following a comprehensive set of studies, a Offtake Floating Storage Tension Leg & Offloading Platform development concept using a Tension Leg Tanker Platform (TLP) with an integral drilling rig…
  5. CORPORATE UPDATE – Rockhopper Exploration – slide 5
    SEA LION PROJECT PHASE 1 RESERVOIR MANAGEMENT There will be an active waterflood programme, which will involve injecting approximately 5 barrels of water for each barrel of oil recovered over the life of the field. In order to…
  6. CORPORATE UPDATE – Rockhopper Exploration – slide 6
    SEA LION PROJECT PHASE 1 COST ESTIMATES SCHEDULE TO PROJECT SANCTION Cost estimates are indicative and subject to Award of FEED Contracts in Q2 2014 FEED. They are unescalated in 2013 money. Short listing of EPC bidders in Q4 2014…
  7. CORPORATE UPDATE – Rockhopper Exploration – slide 7
    SEA LION PROJECT PHASE 2 DEVELOPMENT As currently envisaged, Phase 2 of the development will exploit the southern extent of Sea Lion plus Casper and Casper South. The project is expected to utilise a single subsea manifold tied-back…
  8. CORPORATE UPDATE – Rockhopper Exploration – slide 8
    EXPLORATION UPSIDE FOGL FARM-IN DEAL SNAPSHOT Rockhopper Exploration, Premier Oil, and Key licence interests (post farm-in) Falkland Oil & Gas (FOGL) aligned their Rockhopper Premier Oil FOGL interests in blocks PL004a, PL004b, and…
  9. CORPORATE UPDATE – Rockhopper Exploration – slide 9
    EXPLORATION UPSIDE DRILLING PLANS Rockhopper and Premier intend to enter into a rig sharing arrangement and four slots for the joint venture were included in the recent EOI issued by Noble Energy. Tenders for drilling units are…
  10. CORPORATE UPDATE – Rockhopper Exploration – slide 10
    EXPLORATION UPSIDE 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 location will determine its…
  11. CORPORATE UPDATE – Rockhopper Exploration – slide 11
    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…
  12. CORPORATE UPDATE – Rockhopper Exploration – slide 12
    EXPLORATION UPSIDE 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 to test the F2 sands on the…
  13. CORPORATE UPDATE – Rockhopper Exploration – slide 13
    EXPLORATION UPSIDE ZEBEDEE The Zebedee location is in block PL004b and the well will JACKIE NW target 8 stacked exploration objectives (GCoS 9%-52%). These JOSIAH have the potential to contain estimated gross mean unrisked HECTOR…
  14. CORPORATE UPDATE – Rockhopper Exploration – slide 14
    FINANCIAL REVIEW BALANCE SHEET STRENGTH In the 12 months to 31st March 2013, Rockhopper Balance sheet (at 30/9/13) US million received net proceeds of US216 million from the Net cash 259 farm-out to Premier Oil. This resulted in a…
  15. 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. CORPORATE UPDATE – Rockhopper Exploration – slide 16
    SUMMARY GROWING LONG-TERM VALUE Rockhopper has a strong balance sheet, with net cash of US259 million at the end of September 2013 and the second tranche of its CGT liability deferred from 2017 until after first oil from Sea Lion.…
  17. CORPORATE UPDATE – Rockhopper Exploration – slide 17
    APPENDIX 18
  18. 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. CORPORATE UPDATE – Rockhopper Exploration – slide 19
    OPERATIONS METOCEAN CONDITIONS 20
  20. 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. CORPORATE UPDATE – Rockhopper Exploration – slide 21
    FARM OUT TO PREMIER OIL STANDBY FINANCING Available on all development capex (pre and Worked example(1) post first oil). Capex to first oil US3,800m Once the field is cash flow positive on a RKH 40% share US1,520m quarterly basis,…
  22. CORPORATE UPDATE – Rockhopper Exploration – slide 22
    BOARD OF DIRECTORS DR. PIERRE JUNGELS, CBE - Chairman PhD in Geophysics & Hydraulics from California Institute of Technology. Previously worked at Shell, PetroFina, and Enterprise Oil. SAM MOODY Chief Executive Officer CHRIS…

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