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Annual Report 2020 REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2020 ROCKHOPPER EXPLORATION ROCKHOPPER ROCKHOPPER EXPLORATION PLC Warner House Telephone +44 (0)1722 414 419 123 Castle Street [email protected] Salisbury www.rockhopperexploration.co.uk Wiltshire Twitter @RockhopperExplo SP1 3TB PLC Company Reg. No. 05250250 R eport and Accounts for the year ended 31 December 2020 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION CONTENTS ROCKHOPPER – WHO WE ARE SHAREHOLDER INFORMATION STRATEGIC REPORT Rockhopper Exploration plc (AIM: RKH) KEY CONTACTS CONCERNS AND PROCEDURES 1 2020 highlights 2 North Falkland Basin overview is an oil and gas exploration and Registered address and head office: General emails 3 Sea Lion Phase 1 development overview Warner House [email protected] 4 Market overview production company with key interests 123 Castle Street 6 Chairman and Chief Executive Officer’s review Salisbury Audit committee emails 9 Key Performance Indicators (KPIs) in the North Falkland Basin. Wiltshire [email protected] 01 Financial review SP1 3TB 13 Internal controls and risk management Website 14 Principal risks and uncertainties The Company has been operating NOMAD and joint broker www.rockhopperexploration.co.uk 18 Environmental, social and governance statement Canaccord Genuity Limited 19 Directors’ Statement under Section 172 (1) offshore the Falkland Islands since 2004 88 Wood Street Shareholder concerns: of the Companies Act 2006 London Should shareholders have concerns which have not been and discovered the world-class Sea Lion EC2V 7QR adequately addressed by the chairman or chief executive, GOVERNANCE please contact the chairman of the audit committee at: 21 Rockhopper Board oil field in 2010. Joint broker [email protected] 22 Board of Directors Peel Hunt LLP 24 Governance report 100 Liverpool Street Whistle-blowing procedures: 28 Audit & Risk Committee Chairman’s report London Should employees, consultants, contractors or other 30 Nomination Committee Chairman’s report OUR STRATEGIC AMBITION EC2M 2AT interested parties have concerns which have not been 31 Remuneration report adequately addressed by the chairman or chief executive, 42 Statutory information Create value for all our stakeholders Solicitors please contact the chairman of the audit committee at: 4 Independent auditors’ report to the Ashurst LLP [email protected] members of Rockhopper Exploration plc through building a well-funded, full- Fruit & Wool Exchange 1 Duval Square FINANCIAL STATEMENTS cycle, exploration-led E&P company. London Group financial statements E1 6PW 51 Consolidated income statement 51 Consolidated statement of comprehensive Principal Bankers income Royal Bank of Scotland plc 52 Consolidated balance sheet 36 St Andrew Square 53 Consolidated statement of changes in equity Edinburgh 54 Consolidated statement of cash flows EH2 2YB 55 Notes to the consolidated financial statements Auditor Parent company financial statements PricewaterhouseCoopers LLP 73 Company balance sheet 1 Embankment 74 Company statement of changes in equity London 75 Notes to the company financial statements WC2N 6RH OTHER INFORMATION Registrar 79 Key licence interests as at 1 May 2021 Link Group 80 Glossary 10th Floor 81 Shareholder information Central Square 29 Wellington Street Leeds LS1 4DL The pulp is bleached using an Elemental Chlorine Free process. This report is printed in the UK using environmental printing technology and vegetable based inks. Both the manufacturing mill and the printer are registered to the Environmental Management System ISO 14001 and are Forest Stewardship Council® chain-of-custody certified. Cover photo: G Strange Designed and produced by JacksonBone Limited. Rockhopper Exploration plc Report & Accounts for the year ended 31 December 2020 81 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION 2020 HIGHLIGHTS Sea Lion > Detailed transaction terms agreed with Navitas Petroleum LP to farm-in for a 30% interest in the Sea Lion project > Recently completed merger of Premier Oil plc with Chrysaor to create Harbour Energy plc, resulting in a materially larger and financially stronger operator of the Sea Lion project > Extension of the Company’s North Falkland Basin Petroleum Licences, including the Sea Lion Discovery Area, to 1 November 2022 Corporate and financial > Ombrina Mare arbitration Tribunal confirms “deliberations and the drafting process have both advanced very considerably” > Disposal of Rockhopper Egypt Pty Limited to United Oil & Gas plc completed in February 2020 > Subsequent sale of the Group’s entire shareholding in United Oil & Gas plc in August 2020 raised proceeds of US$4.0 million > Initiatives implemented to further materially reduce corporate costs > US$222.6 million one-off non-cash impairment, based on a decision, in line with the Sea Lion operator, to write off the historic exploration costs associated with the resources which will not be developed as part of the Sea Lion Phase 1 project > Cash resources of US$11.7 million as at 31 December 2020 Outlook > Targeting completion of the Navitas farm-in > Outcome in relation to Ombrina Mare arbitration expected in July 2021 – seeking significant monetary damages Report & Accounts for the year ended 31 December 2020 1 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION NORTH FALKLAND BASIN OVERVIEW Sea Lion Phase 1 PL01 PL032 PL033 (PL032) > 250 mmbbls gross* > 75 mmbbls net to Rockhopper† PHASE 1 Sea Lion Phase 2 50°S (PL032/PL004) F A L K LLAANNDD > 280 mmbbls gross* II S L A N D S > 84 mmbbls net to Rockhopper† SEA LION STANLEY Phase 3 Isobel-Elaine 100 Kms (PL004) 60°W > Isobel-Elaine complex significantly de-risked during 2015/16 exploration CASPER campaign PL03b CASPER PL04a SOUTH WEST Acreage position† Rockhopper Premier Navitas Operator PL032 30% 40% 30% Premier PL04b ZEBEDEE PL003a 95.5% 4.5% — Rockhopper NINKY SOUTH PL003b 60.5% 4.5% — Rockhopper PL04c PHASE 2 PL004a‡ 64% 36% — Premier PL004b 30% 40% 30% Premier PL004c 30% 40% 30% Premier PL005 100% — — Rockhopper * Operator estimate. † Post farm-out to Navitas. ‡ Under farm-out additional option to further align PL004a acreage (30%/40%/30%). PL03a ISOBEL LIZ EMILY ISOBEL DEEP PL05 PHASE 3 Prospective Discovered 5 Kms 2 Rockhopper Exploration plc STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION SEA LION PHASE 1 DEVELOPMENT OVERVIEW Headline facts and figures 250 mmbbls ~80,000 bopd US$42/bbl 2C resources in Phase 1 Gross annual production at plateau Break even price* *Gross project NPV10 equals US$ nil US$1.8 bn US$1.8bn US$4.2bn Gross CAPEX to first oil Gross project NPV10 assuming Life of field undiscounted free cash flow US$65/bbl assuming US$65/bbl World scale resource Proven development concept Regulatory interface World class contractor team > 1.7 billion barrels oil in place > Technically straightforward well-advanced > Experienced in comparable > Well understood reservoir FPSO development > EIS and FDP substantially projects > Highly marketable crude. > Extensive project development agreed; final approval at > Opportunity to lock in supply and engineering complete sanction chain at competitive rates > Supply chain and logistics > Alignment with FIG on key > Alignment via provision of proven through multiple fiscal, commercial and vendor financing. drilling campaigns. regulatory items. Proven development concept Projected production profile Average annual daily oil rate (kbopd) 160 Phase 1 140 Phase 2 120 100 80 60 40 20 0 5 10 15 20 0 5 15 10 20 Years from first production Report & Accounts for the year ended 31 December 2020 3 STRATEGIC REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION MARKET OVERVIEW This overview, published by McKinsey, gives an external view of the industry in which Rockhopper operates. Global oil outlook to 2040 – Energy Insights by McKinsey – February 2021 Executive summary Recap 2020 Short-term up to 2025 Long-term up to 2040 Demand has partially recovered since April Oil demand is expected to take two to four Long-term equilibrium oil prices have 2020 but still ended the year approximately years to return to 2019 levels, depending on decreased by $10 to $15/bbl compared 9 million barrels per day (MMb/d) below the the duration of lockdowns and the pace of with pre-COVID-19 outlooks, as driven by 2019 level, with continued COVID-19-related GDP recovery. Based on our Global Energy a flattening cost curve and lower demand. lockdown measures in January 2021 keeping Perspective reference-case demand insights, Under an OPEC-control scenario, in which it around 6 MMb/d lower than January 2019. current OPEC+ intervention will be sufficient OPEC maintains its market share, we see a to help balance the market in 2021, with prices $50 to $60/bbl equilibrium price range in the Supply remained robust until April 2020 remaining at a sustained level of $50 to $55/ long term, fueling 10 to 11 MMb/d US shale oil and then dropped by 13 to 14 MMb/d in May, bbl through to 2025. and 11 to 13 MMb/d deepwater driven by OPEC+1 cuts and shut-ins (that production from pre-financial-investment- have mostly returned to the market), thus If GDP growth recovers faster than expected, decision (FID) projects. showing the willingness of OPEC+ to continue we may see a near-term price increase at interventions. The market saw an oversupply more than $55/bbl. However, if demand While most of the offshore-oil-producing of approximately 20 MMb/d in April 2020, recovers slower than expected or if OPEC+ regions will be under pressure in an pushing Brent prices to $18 per barrel of oil stops cutting output, prices could be accelerated energy-transition scenario, the (bbl) for the month, before recovering to $50/ depressed or highly volatile for the next three sector will still require new production of bbl by the end of the year. to four years. nearly 23 MMb/d to meet demand after 2030. OECD commercial inventories remain at high levels and, although we have seen draws over the past months, they are still 150,000 barrels above pre-COVID-19 levels.
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