Rockhopper Exploration
RKH · AIM · Energy · mcap £612m · 60.5p 3 open situations →
Open · 3
OSX-1 FPSO and CDA acceleration
Led to Equity raise for OSX-1 share – Placing and Open Offer completed, closed 30 Sep 2026
Navitas bought OSX-1 on 24 Aug 2026 to accelerate the CDA, and the NSAI report lifted 2P+2C NPV10 by US$788m. The 30 Sep results said Rockhopper's 35% terms were still under negotiation. On 7 Oct 2026 Rockhopper signed a Subscription Agreement for its 35% share, US$44.0m from existing cash, with net holding costs of about US$1.4m a year.
- FPSO assumption
- Aoka Mizu lease terminated once field output falls below 125,000 bopd; OSX-1 serves alone
- Next milestone
- CDA FID readiness targeted H1 2028; first oil possible 2030 7 Oct 2026 ↗
- Capacity
- OSX-1 about 125,000 bopd; c.180,000 bbls/d combined with NDA 30 Sep 2026 ↗
- Licences
- FIG extending licences five years, option for two more 30 Sep 2026 ↗
- Subscription
- US$44.0m of ordinary shares in the SPV that owns OSX-1, agreed 7 Oct 2026 7 Oct 2026 ↗
- Funding
- Existing cash resources 7 Oct 2026 ↗
Next: CDA FID readiness targeted H1 2028
- 7 Oct 2026 Subscription Agreement signed for 35% of OSX-1
- 30 Sep 2026 OSX-1 terms with Navitas under negotiation
- 27 Aug 2026 Funding being raised; CDA FID targeted mid-2028
- 26 Aug 2026 OSX-1 acquisition; CDA now in NSAI evaluation
Sea Lion Phase 1 development
Follows from US$140m Placing and Open Offer – Placing and Open Offer completed, closed 3 Jun 2026
Phase 1 (NDA 1) was sanctioned in Dec 2025, with first oil targeted for Q1 2028 and full funding confirmed in the 30 Sep 2026 H1 results. On 5 Oct 2026 Navitas said Argentina is pressing sanctions on those involved. It is replacing two breaching contractors and expects no material adverse effect.
- Onshore works
- Quay, shore base, accommodation and infrastructure progressing to plan
- Raise allocation
- US$20m exploration and well-deepening; US$20m early project failure cover 27 Aug 2026 ↗
- Exploration
- Several exploration wells planned, including deepening first well to Gwendoline prospect 30 Sep 2026 ↗
- Next milestone
- First oil Q1 2028; development drilling expected to start early 2027 5 Oct 2026 ↗
- Contractors
- Two breaching contractors being replaced, per Navitas on 5 Oct 2026 5 Oct 2026 ↗
- Operator view
- No material adverse effect on the Project expected at this stage 5 Oct 2026 ↗
Next: Replace two breaching contractors; drilling expected early 2027
- 5 Oct 2026 Funded; contractor replacement under way
- 30 Sep 2026 Funded, on track for Q1 2028 first oil
- 27 Aug 2026 On track for first oil Q1 2028
- 24 Aug 2026 On track; FPSO en route to Asian yard
Italian assets disposal
Rockhopper agreed in Oct 2024 to sell Rockhopper Civita Limited, which holds its Italian assets, to Zodiac Energy. FIG approval has been received but Italian approval has not. The 30 Jun 2026 long stop has passed, so either party can withdraw, though the SPA remains in force and the company is still working to close.
- Buyer
- Zodiac Energy Limited 30 Sep 2026 ↗
- Business sold
- Rockhopper Civita Limited, holding Italian assets and liabilities except Ombrina Mare arbitration 30 Sep 2026 ↗
- Conditions
- FIG approval received; Italian regulator approval outstanding 30 Sep 2026 ↗
- Long stop
- 30 June 2026 reached; either party may withdraw 30 Sep 2026 ↗
Next: Italian regulator approval
- 30 Sep 2026 Italian approval outstanding; long stop passed
- 30 Jun 2026 FIG approval received; Italian approval pending, long stop passed
Closed · 2
Company filings. Not investment advice.