Rockhopper Annual Report 2010

Total Page:16

File Type:pdf, Size:1020Kb

Rockhopper Annual Report 2010 R O ROCKHOPPER EXPLORATION PLC TELEPHONE +44 (0)1722 414 419 C K ROCKHOPPER EXPLO RATION PLC HILLTOP PARK FAX +44 (0)1722 328 491 H O SEA LION DEVIZES ROAD info rockhopperexploration.co.uk P @ P ANNUAL REPORT 2010 SALISBURY E www.rockhopperexploration.co.uk R 49º 16’ 05”S 59º 03’ 33”W WILTSHIRE E SP3 4UF COMPANY REG. NO. 05250250 X P L THE STORY SO FAR O R A T I O N P L C A N N U A L R E P O R T 2 0 1 0 EXPLOR E, APP RAISE, DEVELOP. D I R ANNUAL REP ORT 2 010 C E O C T N O R T S E ’ R N E T P O S R T : ‘Rockhopper’ (RKH) is the first company to make an oil discove ry in the Falkland Islands. Our st rategy is to explore, appraise DIRECTORS’ REPORT: OVERVIEW and develop our current ac reage RKH BACKGROUND 01 RKH KEY EVENTS in the North Falkland Basin both DIRECTORS’ REPORT: BUSINESS REVIEW safely and responsibly. 03 CHAIRMAN’S STATEMENT 05 MANAGING DIRECTOR’S REVIEW DIRECTORS’ REPORT: GOVERNANCE 07 BOARD OF DIRECTORS 08 STATUTORY INFORMATION 12 CORPORATE GOVERNANCE STATEMENT 16 DIRECTORS’ REMUNERATION REPORT 18 HEALTH, SAFETY, ENVIRONMENTAL AND SOCIAL MANAGEMENT 20 RISK MANAGEMENT REPORT FINANCIAL STATEMENTS AIM: RKH 22 INDEPENDENT AUDITOR’S REPORT www.rockhopperexploration.co.uk 23 GROUP INCOME STATEMENT 23 GROUP STATEMENT OF COMPREHENSIVE INCOME 24 GROUP BALANCE SHEET 25 GROUP STATEMENT OF CHANGES IN EQUITY 26 GROUP CASH FLOW STATEMENT 27 NOTES TO THE GROUP FINANCIAL STATEMENTS 46 COMPANY BALANCE SHEET 47 NOTES TO THE COMPANY FINANCIAL STATEMENTS ADDITIONAL INFORMATION 53 INVESTOR INFORMATION ROCKHOPPER EXPLORATION PLC BACKGROUND TIMELINE : T R O W P E E I R ’ V S R R O E T V C E O R I D 2004 2007 2009 Rockhopper is set up and is granted 2D interpretation confirms potential P50 Competent Persons Report (CPR) licences PL023 and PL024 2.5 billion barrels potential recoverable completed by RPS Energy on licences PL023 and PL024 2005 First independently verified gas discovery Farm In to Desire Petroleum licences 850km 2 3D survey completed with in the Falklands, confirmed on the Johnson PL003 and PL004 completed CGG Veritas, at that time, the largest prospect in the Falklands area Rockhopper is granted licences First contingent gas resource in the PL032 and PL033 Placing of new shares to raise Falklands confirmed by RPS on Rockhopper £1.3 million at 37p per share acreage IPO and Admission to AIM raising £15 million at 42p per share Site survey collected on Ernest Top 8 oil prospects considered by RPS with Wavefield Inseis Energy to contain potential 1 billion barrels 2006 recoverable 920km 2D seismic acquired with GSI 550 km additional 2D seismic in licences PL023 and PL024 collected with Wavefield Inseis Environmental Impact Statements (EIS) submitted on all operated acreage Four CSEM lines acquired over EIA commissioned on PL023 and PL024 licences PL023 and PL024 Desire Petroleum, a partner of Rockhopper, 2008 signs a Letter of Intent with Diamond Positive CSEM results obtained 3D interpretation confirms potential P50 Offshore for North Falkland Basin drilling 1.2 billion barrels potential recoverable campaign during 2010 3D survey commences on licences PL032 and PL033 Ocean Guardian rig secured and departs Total prospects mapped now contain for Falkland Islands potential P50 3.7 billion barrels recoverable across all operated acreage 2010 Ocean Guardian arrives in EIA commissioned on PL032 and PL033 the Falkland Islands SPD appointed to provide drilling expertise Well on Sea Lion prospect spudded Placing of new shares raises £3.6 million Well on Sea Lion declared at 101p per share as an oil discovery Well on Ernest prospect spudded Well on Ernest declared as a dry hole ANNUAL REPORT 2010 ROCKHOPPER EXPLORATION PLC KEY EVENTS OPERATIONAL AND FINANCIAL D I R O E C V T E O R R S V ’ R I E E P W O R T : DURING THE YEAR: ≥ $78m raised net of costs ≥ Two slots assigned for the Ocean Guardian ≥ Well 14/ 19-1 spudded on the Liz prospect ≥ $65m of resources available at 31 March 2010 POST YEAR: ≥ Well 14/ 10-2 spudded on the Sea Lion prospect ≥ Well 14/ 10-2 on Sea Lion prospect declared as an oil discovery ≥ Best estimate of barrels recoverable on Sea Lion increased from 170m to 242m ≥ $67m raised net of costs ≥ Well 26/6 -1 spudded on the Ernest prospect ≥ Well 26/6 -1 on the Ernest prospect declared as a dry hole ≥ $120m of resources available at 30 June 2 010 ANNUAL REPORT 2010 01 ROCKHOPPER EXPLORATION PLC W : E T I R V O P E E R R ’ S S R S O E T C N E I R I S D U B OCEAN GUARDIAN DEPARTS FOR THE FALKLAND ISLANDS The group was ready to drill when the right opportunity arose and has been transformed by the discovery on the Sea Lion prospect 02 ROCKHOPPER EXPLORATION PLC CHAIRMAN’S STATEMENT DR PIERRE JUNGELS CBE B U D S I R I E N The discovery on the Sea Lion prospect possible size of the Sea Lion prospect, In corporate terms, I am delighted to C T E O S has transformed the value proposition attributing it with a best estimate of 170 report that at the executive level R S S ’ represented by the group. A pure million barrels recoverable. At 170 million Dave Bodecott, our exploration director, R R E E exploration play , such as Rockhopper barrels recoverable, RPS had calculated and Peter Dixon -Clarke, our finance P O V when it began, creates value through a net present value , at $80 per barrel and director, are both now full time R I T E : a number of discrete steps, each with its applying a 10% discount rate , for the employees. At the non-executive level W own set of risks and rewards , as it goes prospect of $2.5 billio n. Following the we will look for two additional through the process of proving reserve s drilling, the best estimate was increased non -exe cutive s thereby bringing the total then moving forward to production . by RPS to 242 million barrels recoverable, number of directors to eight and creating indicating that there could be significant the balance between executive and n chronological order, we see upside still to be realised. non -executive that the Combined Code the key value points for the group requires for good governance. Ias being: We spudded well 26/6-1 on the Ernest ≥ The winning of the exploration licences, prospect on 23 July 2010 and declared In financial terms, once we have an ≥ The making of the first discovery on it to be a dry hole on 17 August 2010. agreed work programme for the next those licences, The well was drilled approximately phase, we will be in a position to cost it ≥ The testing of the discovery wel l to give 120 kilometres from the Sea Lion and consider how best to finance it. As an indication of its commercial potential, discovery in a previously undrilled part part of this planning, we are underta king ≥ Confirmation of the size of the discovery of the basin to test a different play a review of our advisers and considering for scoping development plans as well type from that of Sea Lion. The well whether we should remain on the as the full exploration of the acreag e, encountered good quality sands with Alternative Investment Market (“AIM”) ≥ Completion of the field development high porosity and permeability and or move up to the Main Market of the plan, and we intend to undertake detailed studies London Stock Exchange, a decision we ≥ First oil and subsequent production . of all the data gathered. will take when it is right for the group . The first value point, the winning of the We are fully funded to complete the well The fifth value point, the completion exploration licences, was achieved in the on the Ernest prospect, the flow test on of a field development plan, cannot earliest days of the group. In 2004 we the Sea Lio n prospect , which we believe be concluded until the discovery is were awarded licences PL023 & PL024, in will help move the discovery forward appraised and confirmed as to its size, the south of the basin, and in 2005 we towards being declared as commercial , but the research and planning as to farmed into Desire Petroleum (“Desire”) and pay our 15% contribution to two how best to deliver this has already licences PL003 and PL004 and were further wells on PL003 & PL004, where been started. awarded PL032 & PL033, the former Desire is the operato r. Shell acreage in the north of the basin CONCLUSION that contains the Sea Lion discovery. With the current programme funded and In conclusion, the group has been underway, w e have therefore turned our transformed by the discovery on the The second value point, the making of planning focus to the fourth value point, Sea Lion prospect and is now working the first discovery, took until 6 May 2010 confirmation of the size of the Sea Lion through the steps required to ensure when we announced the results of well Field. This will require appraisal of the that you, as shareholders, get the best 14/10-2 on the Sea Lion prospect. This discovery on Sea Lion and to deliver this possible value from it. discovery was the result of a great deal of we see three distinct work streams, being rigorous technical work undertaken over technical, corporate and financial.
Recommended publications
  • Annual Report 2014
    ANNUAL REPORT 2014 Tower Resources plc 5 Charterhouse Square London EC1M 6PX Tel +44 20 7253 6639 Email [email protected] www.towerresources.co.uk Annual Report 2014 Tower Resources plc Annual Report 2014 57 Additional Information Corporate Directory Registered Company Name Professional Advisers Tower Resources PLC Strategic Report Nominated Adviser and Broker At a Glance 1 Directors Peel Hunt LLP Building a high impact African portfolio 2 Jeremy Asher Chairman Moor House 2014 Events 4 Graeme Thomson Chief Executive Officer 120 London Wall Chairman and Chief Executive’s Joint Statement 6 Peter Blakey Non-executive Director London EC2Y 5ET Market Overview 7 Philip Swatman Senior Independent 2014 and Onwards 8 Non-executive Director Joint Broker Operational Review: Peter Taylor Non-executive Director GMP Securities Europe LLP Cameroon 10 First Floor, Stratton House Zambia 11 Company Secretary 5 Stratton Street South Africa 12 Andrew Smith London W1J 8LA Namibia 13 Kenya 15 Corporate Address Solicitors Sahawari Arab Democratic Republic (SADR) 16 Tower Resources PLC Watson Farley & Williams LLP New Ventures 17 5 Charterhouse Square 15 Appold Street Financial Review 18 London EC1M 6PX London EC2Y 2HB Business Risks 19 Registered Office Group Auditors Corporate Governance One America Square UHY Hacker Young LLP Board of Directors 20 Crosswall 4 Thomas More Square Senior Management 22 London EC2N 3SG London E1W 1YW Audit Committee Report 24 Remuneration Committee Report 26 Company Number Registrars Communications with Shareholders 27
    [Show full text]
  • Seismic Reflections
    9 December 2011 Seismic reflections Listening out for the Falklands jungle drums Interest in Falklands oil exploration has dwindled during 2011 as investors limit exposure to the frontier region. However, with Rockhopper nearing the end of its extended Sea Lion appraisal campaign, a second discovery having been confirmed in the shape of Casper, and most critically the Leiv Eiriksson drilling rig coming over the horizon to start drilling in the South Falklands Basin, we expect interest to pick up significantly in the new year. Enthusiasm may not reach the peaks of 2010’s hysteria, but the region continues to offer some of the cheapest proven oil in the ground along with Analysts excellent upside for the frontier exploration investor. Ian McLelland +44 (0)20 3077 5756 Colin McEnery +44 (0)20 3077 5731 Press coverage dries up Peter J Dupont +44 (0)20 3077 5741 Elaine Reynolds +44 (0)20 3077 5700 Column inches during 2010 became as inflated as valuations when Rockhopper Krisztina Kovacs +44 (0)20 3077 5700 bagged its maiden discovery at Sea Lion. However, more recently front page [email protected] spreads have been replaced with only the briefest of mentions. Indeed, confirmation 130 last month of a second discovery in the shape of Casper was greeted in one 120 110 leading trade journal with a paltry one inch of text and 36 words. 100 90 Investors take flight 80 Despite the almost heroic efforts of Rockhopper to fully appraise its Sea Lion 70 prospect, with eight appraisal wells almost all on prognosis and two flow tests Jul/11 Apr/11 Oct/11 Jan/11 Jun/11 Feb/11 Mar/11 Aug/11 Nov/11 Dec/10 Sep/11 May/11 Brent WTI driving resource estimates up to 389mmbbls, the interest in the North Falklands Basin has continued to wane.
    [Show full text]
  • Interim Manager's Report for the Period Ended 14 October 2010
    Distribution Number 12 Legal & General UK Active Opportunities Trust Interim Manager’s Report for the period ended 14 October 2 010 (Unaudited) Contents Page Number Manager’s Investment Report 2 Authorised Status 4 Directors’ Statement 4 Portfolio Statement 5 Statement of Total Return 8 Statement of Change in Net Assets attributable to Unitholders 8 Balance Sheet 9 Notes to the Financial Statements 10 Trust Facts 11 Performance Record 12 General Information 14 1 Manager’s Investment Report Investment Objective and Policy The investment objective of this Trust is to secure capital growth from UK securities, which offer recovery prospects and which may be selected from all economic areas. The Manager will select shares whose prices are undervalued and generally do not yet reflect earnings potential. Manager’s Investment Report During the period under review, the bid price of the Trust’s E-Class distribution units fell by 3.96% compared to a fall of 0.48% in the FTSE All-Share Index on a price return basis (Source: Bloomberg) . Past performance is not a guide to future performance. The value of investments and income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall. Market/Economic Review The UK stockmarket price level was little changed over the period, though individual shares were again volatil e. Markets took a dip on fears regarding some European economies, notably Greece, and the EU had to act to support Greece’s ability to access funding. In the UK , economic conditions remained fragile, with the new government indicating spending cuts which could affect consumer confidence.
    [Show full text]
  • Rockhopper Annual Report 2009
    2009 RKH 00000 Cover _02.qxd 17/9/09 12:05 Page 1 Rockhopper Exploration plc Telephone +44 (0)1722 414 419 Hilltop Park Fax +44 (0)1722 328 491 Devizes Road [email protected] Salisbury www.rockhopperexploration.co.uk Wiltshire SP3 4UF Company Reg. No. 05250250 Annual Report 2009 2009 RKH 00000 Cover _02.qxd 17/9/09 12:05 Page 2 ‘Rockhopper’ is an AIM-listed oil and Investor information gas exploration company based in the United Kingdom. Rockhopper has licences to explore for oil and Rockhopper has conducted an extensive technical Registered address and head office Auditor gas in the North Falkland Basin, a petroleum work programme since its inception in 2004 and is Hilltop Park Baker Tilly UK Audit LLP system with two proven source rocks. now drill ready, subject to finance and necessary Devizes Road Hartwell House regulatory consents. Salisbury 55-61 Victoria Street Both oil and gas have been encountered Wiltshire Bristol on Rockhopper acreage in a previous round Rockhopper has signed a Letter of Intent with a SP3 4UF BS1 6AD of drilling conducted by Shell in 1998. 3rd party energy company to farm out one of its licences. Nomad and broker Financial adviser The first independently verified discovery Canaccord Adams HSBC Bank plc in the Falklands (well 14/5-1) is on Desire Petroleum, a partner of Rockhopper, has Cardinal Place 8 Canada Square Rockhopper acreage. signed a Letter of Intent with a drilling company to 7th Floor London drill a number of wells in the North Falkland Basin 80 Victoria Street E14 5HQ Rockhopper has a contingent gas resource and in 2010.
    [Show full text]
  • Seismic Reflections | 5 August 2011
    1 | Edison Investment Research | Seismic reflections | 5 August 2011 Seismic reflections Confidence in Kurdistan grows Iraq, including the autonomous Kurdistan region, probably has the world’s largest concentration of untapped, easily recoverable oil reserves. Pioneering moves were made into Kurdistan in the 2000s by the likes of Gulf Keystone and Hunt Oil, with considerable drill-bit success. In late July, two important Kurdistan exploration and development deals were announced. These involve Afren acquiring interests in two PSCs with sizeable contingent reserves and a Hess-Petroceltic partnership signing two PSCs for exploration purposes. With increasing production and Analysts improving relations between the regional and Iraqi federal governments, Ian McLelland +44 (0)20 3077 5756 these deals reflect growing confidence in Kurdistan’s potential as a major Peter J Dupont +44 (0)20 3077 5741 new petroleum province. Elaine Reynolds +44 (0)20 3077 5700 Krisztina Kovacs +44 (0)20 3077 5700 Anatomy of the Kurdistan oil province [email protected] 6,000 Kurdistan is located in the North Arabian basin and is on same fairway as the 5,500 prolific oilfields of Saudi Arabia’s Eastern Province, Kuwait, southern Iraq and Syria. 5,000 4,500 The geological backdrop to Kurdistan tends to be simple and is characterised by 4,000 3,500 large anticlinal structures, deep organic-rich sediments and carbonate reservoirs 3,000 mainly of Jurassic to Cretaceous age. Drilling commenced in the region in 2006. So far, 28 wells have been drilled, of which 20 have been discoveries, resulting in A pr/11 Oct/10 Jun/11 Fe b/11 Aug/10 Dec/10 Aug/11 estimated reserves of over 5.8bn boe.
    [Show full text]
  • Drumbeat: June 1, 2011
    The Oil Drum | Drumbeat: June 1, 2011 http://www.theoildrum.com/node/7988 Drumbeat: June 1, 2011 Posted by Leanan on June 1, 2011 - 10:34am Scary signs for jobs A variety of one-time factors, including high oil prices earlier this year, Japan's earthquake and nuclear crisis, and severe weather including flooding and tornadoes in the South, have all taken their toll on American employers. Add government layoffs to the mix, and the picture looks even worse. As federal stimulus dollars have petered out, state and local governments have cut jobs for six months straight. That said, economists were still not expecting this much weakness. Oil Falls the Most in Three Weeks on Report That U.S. Employers Cut Hiring Crude oil dropped the most in three weeks after data showed that U.S. companies added fewer jobs than forecast last month and the expansion of manufacturing slowed, bolstering concern fuel demand growth will weaken. Higher oil price prompts increased drilling Higher-than-expected oil and gas drilling activity in western Canada led the Canadian Association of Oilwell Drilling Contractors Wednesday to increase its forecast for the total number of wells to be drilled in 2011. It now expects the total to be 13,128, an increase of some 1,300, or 11 per cent over the 11,811 wells it anticipated in its project released in October. Philippines protests to China over oil rig plan The Philippines said Wednesday it had formally protested to Beijing over recent activity in disputed waters of the South China Sea and Chinese plans to anchor an oil rig there.
    [Show full text]
  • From Frontier to Proven Basins
    Tower Resources plc 2nd Floor 127 Cheapside London EC2V 6BT Tel +44 20 7253 6639 Email [email protected] www.towerresources.co.uk Annual Report 2015 From Frontier to Proven Basins SYN TR-Annualreport-COVER-pp01-04-01.indd 1 07/03/2016 12:03 Additional Information Contents Corporate Directory Strategic Report Corporate Governance Accounts Directors and Secretary Professional Advisers At a Glance 1 Senior Management 19 Consolidated Statement of Comprehensive Income 31 2015 Events 2 Board of Directors 20 Registered Company Name Nominated Adviser and Broker Chairman and Chief Executive’s 4 Audit Committee Report 23 Consolidated Statement of Tower Resources PLC Peel Hunt LLP Financial Position 32 Joint Statement Remuneration Committee Report 24 Moor House From Frontier to Proven Basins 6 Consolidated Statement of Changes Communications with Shareholders 25 Directors 120 London Wall Tower’s Exploration Strategy 7 in Equity 33 Conflict of Interest 25 Jeremy Asher Chairman London Portfolio shift towards proven basins Consolidated Statement of Cash Flows 34 Directors’ Report 26 Graeme Thomson Chief Executive Officer EC2Y 5ET and low near-term commitments 8 Company Statement of Financial Position 35 Statement of Directors’ Responsibilities 29 Nigel Quinton Exploration Director Operational Review: Company Statement of Changes in Equity 36 Independent Auditors’ Report 30 Peter Blakey Non-executive Director Solicitors Cameroon 10 Company Statement of Cash Flows 37 Dr Philip Frank Non-executive Director Watson Farley & Williams LLP South Africa
    [Show full text]
  • Cairn Oil & Gas Investor
    Investor day: CairnCair Oil Oil & & Gas Gas August, 2019 Investor Day Cairn Oil & Gas August, 2019 Cautionary Statement and Disclaimer The views expressed here may contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this information. Any forward looking information in this presentation including, without limitation, any tables, charts and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Vedanta Ltd. ("Vedanta") and any of its subsidiaries. Past performance of Vedanta cannot be relied upon as a guide to future performance. This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a environmental, climatic, natural, political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
    [Show full text]
  • Rigamarole-Spring-2011
    SPRING 2011, NO. 30 A PUBLICATION FOR THE PEOPLE, CUSTOMERS, SUPPLIERS AND FRIENDS OF DIAMOnd OFFSHORE DRILLing, INC. THE OCEAN BLACKHAWK AND OCEAN BLACKHORNET DIAMOND OFFSHORE’S NEWEST DRILLSHIPS SPRING 2011, NO. 30 02 A Giant Rising From the Sea 24 Apart from the Herd Before June 2007, OGX didn’t exist. Today Small, agile oil and gas companies always the Rio de Janeiro-based E&P company have some advantages. At Walter Oil & Gas sits on top of at least seven billion barrels Corporation, they begin with an attitude of certified oil and gas deposits, the most that everyone in the company belongs Brazilian reserves controlled by a private- to the family. Jim Looke, Vice President, sector company. Five Diamond Offshore rigs Drilling and Production Operations, said are helping OGX with the drilling activity. as much by introducing Rigamarole to as many of the company’s 50-person staff as he could when we visited last December. 12 Fleet Gets Shipshape Diamond Offshore has ordered two high- specification ultra-deepwater drillships to be 28 Hometowns of Diamond Offshore delivered in 2013. The new drillships, the Ocean The cultural heritage of Diamond Offshore BlackHawk and Ocean BlackHornet, are sched- employees is rich and varied. In many cases, the uled to set sail from Hyundai Heavy Industries’ men and women who crew our rigs come from (HHI) shipyard in South Korea during the the small towns and villages that help make up second half of 2013. Today, these 12,000-foot the heartland of the countries they represent. In water-depth rated drillships exist only on paper this issue, we take a look at Bogalusa, Louisiana.
    [Show full text]
  • Euroil  News Analysis EUROPE OIL & GAS Intelligence MONITOR Published by Newsbase
    23 January 2014 Week 03 EurOil News Analysis EUROPE OIL & GAS Intelligence MONITOR Published by NewsBase After a mixed 2013, there is confidence that merger and acquisition activity in 2014 will maintain the momentum seen in the fourth quarter. Asset divestment by the majors is opening the market to mid-level independents. (Page 2) The valuation of E&P assets is still low, as many companies are cash-constrained. Greater access to capital is necessary for this to change. (Page 2) Shell has said it plans to sell US$15 billion worth of assets over the next two years. (Page 7) The company is to sell off some of its North Sea oilfields as well as parts of its refining portfolio and some early-stage projects. (Page 7) Major gas developments in the East Mediterranean are advancing more slowly than expected as economic and political problems take their toll. US firm Noble does not plan to drill more wells in the East Med until late 2014 at the earliest. (Page 4) Cyprus’ fragile economy makes investment in key energy infrastructure difficult. (Page 4) COMMENTARY After a fluctuating 12 months, there is confidence that deal-making in 2014 will maintain the momentum that began to build in the final quarter of 2013 By Sam Wright M&A activity in Europe in 2013 started slowly but had picked up by the end of the year There is optimism that the uptick in activity will continue into 2014 Divestment by the majors is opening the market to mid-level independents It is fair to say that 2013 was a mixed new fields in 2013, said that it was worth US$300 million, involved the bag for Europe’s oil and gas sector.
    [Show full text]
  • RKH Capmark Section 01Introduction
    ROCKHOPPER EXPLORATION PLC CAPITAL MARKETS PRESENTATION 13 SEPTEMBER 2011 4 CHISWELL STREET LONDON SEPTEMBER 2011 1 ROCKHOPPER EXPLORATION PLC CAPITAL MARKETS PRESENTATION SEPTEMBER 2011 2 ROCKHOPPER EXPLORATION PLC CAPITAL MARKETS PRESENTATION SESSION 1 INTRODUCTION SAM MOODY CHIEF EXECUTIVE OFFICER SEPTEMBER 2011 3 ROCKHOPPER EXPLORATION PLC CAPITAL MARKETS PRESENTATION SAM MOODY – CHIEF EXECUTIVE OFFICER DAVE BODECOTT – EXPLORATION DIRECTOR PETER DIXON‐CLARKE – FINANCE DIRECTOR FIONA MACAULAY – GEOLOGY & GEOPHYSICS MANAGER ANDY MORRISON – OPERATIONS MANAGER PAUL CULPIN – DEVELOPMENT MANAGER SEPTEMBER 2011 4 INTRODUCTION BOARD OF DIRECTORS DR PIERRE JUNGELS CBE Chairman JOHN CROWLE Non‐Executive Director PhD Geophysics & Hydraulics, California Institute of Trained geologist Technology E&P experience from BP, LASMO, Enterprise Oil and Previously at Shell, PetroFina SA, Enterprise Oil Shell, Director at Salamander Energy SAM MOODY CEO CHRIS WALTON Non‐Executive Director Co‐founder of Rockhopper Finance Director at Easyjet from 1999 to 2005 where Previously at AXA Equity & Law Investment he successfully directed its IPO in 2000 Management, St Paul’s Investment Management Previously at BP Australia, RTZ Hamersley Iron PETER DIXON‐CLARKE Finance Director DAVID McMANUS Non‐Executive Director Qualified as a chartered accountant with Deloitte & Touche Petroleum Engineer with 35 years experience in the Oil and Finance Director at Goshawk plc for its refinancing and sale Gas industry. Previously with Shell, Ultramar, ARCO and BG Group DAVE BODECOTT
    [Show full text]
  • Creating Value Through Building a Well-Funded
    REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2019 ROCKHOPPER EXPLORATION ROCKHOPPER ROCKHOPPER EXPLORATION PLC 4th Floor Telephone +44 (0)207 486 1677 5 Welbeck Street [email protected] London www.rockhopperexploration.co.uk W1G 9YQ Twitter @RockhopperExplo PLC Company Reg. No. 05250250 Creating value through building a well-funded, full-cycle, exploration-led E&P company Report and Accounts for the year ended 31 December 2019 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION CONTENTS SHAREHOLDER INFORMATION STRATEGIC REPORT FINANCIAL STATEMENTS KEY CONTACTS CONCERNS AND PROCEDURES 1 Rockhopper – Who we are Group financial statements 2 2019 highlights 55 Consolidated income statement Registered address and head office: General emails 4 Rockhopper – timeline 55 Consolidated statement of comprehensive income 4th Floor [email protected] 6 Rockhopper at a glance 56 Consolidated balance sheet 5 Welbeck Street 7 Vision, strategy and business model 57 Consolidated statement of changes in equity London Audit committee emails 8 Chairman and Chief Executive Officer’s review 58 Consolidated statement of cash flows W1G 9YQ [email protected] 11 Key Performance Indicators (KPIs) 59 Notes to the consolidated financial statements 12 Industry overview NOMAD and joint broker Website 14 Sea Lion Phase 1 development overview Parent company financial statements Canaccord Genuity Limited www.rockhopperexploration.co.uk 16 Financial
    [Show full text]