Rockhopper Exploration (RKH): OSX-1 FPSO and CDA acceleration
This situation live
RKH Rockhopper Exploration
24 Aug 2026 · Navitas buying OSX-1; Rockhopper funding via placing · +0% until the next step
Navitas intends to submit the CDA Development Plan to the Falkland Islands Government for approval and to make a Final Investment Decision ("FID") in respect thereof in the first half of 2028.
26 Aug 2026 · OSX-1 acquisition; CDA now in NSAI evaluation · +0% until the next step
Importantly, the New Report incorporates the newly accelerated Central Development Area ("CDA") which the Operator intends to develop utilising the OSX-1 FPSO.
27 Aug 2026 · Funding being raised; CDA FID targeted mid-2028 · −19% until the next step
providing flexibility and funding to the targeted CDA FID in mid-2028.
30 Sep 2026 · OSX-1 terms with Navitas under negotiation · −17% until the next step
Discussions around how to optimise the arrangements between the parties such that Rockhopper can contribute its 35% share are ongoing and expectation is that they will be agreed and legally binding do
7 Oct 2026 · Subscription Agreement signed for 35% of OSX-1 · +23% since
it has entered into an agreement to acquire its 35 per cent. pro rata participating interest in the OSX-1 FPSO (the "Subscription Agreement")
OSX-1 FPSO and CDA acceleration
Subscription Agreement signed for 35% of OSX-1
Next: CDA FID readiness targeted H1 2028
Every step · 5
- 24 Aug 2026 Navitas buying OSX-1; Rockhopper funding via placing – Navitas intends to submit the CDA Development Plan to the Falkland Islands Government for approval and to make a Final Investment Decision ("FID") in... ↗
- 26 Aug 2026 OSX-1 acquisition; CDA now in NSAI evaluation – Importantly, the New Report incorporates the newly accelerated Central Development Area ("CDA") which the Operator intends to develop utilising the OSX-1 FPSO. ↗
- 27 Aug 2026 Funding being raised; CDA FID targeted mid-2028 – providing flexibility and funding to the targeted CDA FID in mid-2028. ↗
- 30 Sep 2026 OSX-1 terms with Navitas under negotiation – Discussions around how to optimise the arrangements between the parties such that Rockhopper can contribute its 35% share are ongoing and expectation is... ↗
- 7 Oct 2026 Subscription Agreement signed for 35% of OSX-1 – it has entered into an agreement to acquire its 35 per cent. pro rata participating interest in the OSX-1 FPSO (the "Subscription Agreement") ↗
What is happening
Rockhopper Exploration: OSX-1 FPSO and CDA acceleration – Subscription Agreement signed for 35% of OSX-1. ['Subscription Agreement signed for 35% of OSX-1']
- In short
- 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.
- Announced
- 24 Aug 2026 · Navitas buying OSX-1; Rockhopper funding via placing
- Latest
- 7 Oct 2026 · Subscription Agreement signed for 35% of OSX-1
- 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
- Capacity
- OSX-1 about 125,000 bopd; c.180,000 bbls/d combined with NDA
- Licences
- FIG extending licences five years, option for two more
- Subscription
- US$44.0m of ordinary shares in the SPV that owns OSX-1, agreed 7 Oct 2026
- Funding
- Existing cash resources
- Share of cost
- 35% of aggregate acquisition cost of approximately US$125m
- Holding costs
- Net approximately US$1.4m per annum attributable to Rockhopper
What comes next
CDA FID readiness targeted H1 2028.
From the company's own announcements. Not investment advice.
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Project milestonesSea Lion Phase 1 development – Funded; contractor replacement under way
Disposal of a part (break-up)Italian assets disposal – Italian approval outstanding; long stop passed
Dilutive fundraiseEquity raise for OSX-1 share – Placing and Open Offer completed · closed
Dilutive fundraiseUS$140m Placing and Open Offer – Placing and Open Offer completed · closed
Rockhopper Exploration – company page →