Rockhopper Exploration (RKH): Sea Lion Phase 1 development

This situation live

RKH Rockhopper Exploration

£612m · 60.5p · −31% since the first step

10 Dec 2025 · EPF estimate raised to US$52.5m · −6% until the next step There remains some uncertainty around actual project costs and the EPF requirements from FIG.

22 Dec 2025 · Costs held at US$2.1bn; equity stated fully funded · +18% until the next step On this basis, taking into account the proceeds of the Placing, the Company is fully funded for its equity portion of Phase 1 of the Sea Lion Project.

2 Apr 2026 · Cash of US$179m expected to cover Phase 1 capex · −18% until the next step Following completion of the placing, the Company had, as at 31 December 2025, a cash balance of approximately US$179 million (unaudited) which is anticipated to be sufficient to fund Rockhopper's prop

3 Jun 2026 · Cost up US$5.25m; EPF funding route undecided · +0% until the next step We are currently investigating the possibility of covering this via a combination of surety bond, parent company guarantees, cash or any other suitable instrument.

24 Aug 2026 · On track; FPSO en route to Asian yard · +0% until the next step The Aoka Mizu FPSO has been disconnected from the field it previously served and is on route to a shipyard in Southeast Asia, with its arrival expected in early September 2026.

27 Aug 2026 · On track for first oil Q1 2028 · −19% until the next step we are on track for First Oil from Sea Lion in Q1 2028 with development drilling expected to commence early next year.

30 Sep 2026 · Funded, on track for Q1 2028 first oil · −13% until the next step NDA 1 work progressing towards first oil target of Q1 2028

5 Oct 2026 · Funded; contractor replacement under way · +17% since it is taking action to replace two breaching contractors and will continue to act to make adjustments to the Project, as may be required.

Project milestones

Sea Lion Phase 1 development

Funded; contractor replacement under way

Next: Replace two breaching contractors; drilling expected early 2027

Every step · 8

10 Dec 2025 EPF estimate raised to US$52.5m – There remains some uncertainty around actual project costs and the EPF requirements from FIG. ↗
22 Dec 2025 Costs held at US$2.1bn; equity stated fully funded – On this basis, taking into account the proceeds of the Placing, the Company is fully funded for its equity portion of Phase 1 of the Sea Lion Project. ↗
2 Apr 2026 Cash of US$179m expected to cover Phase 1 capex – Following completion of the placing, the Company had, as at 31 December 2025, a cash balance of approximately US$179 million (unaudited) which is... ↗
3 Jun 2026 Cost up US$5.25m; EPF funding route undecided – We are currently investigating the possibility of covering this via a combination of surety bond, parent company guarantees, cash or any other suitable instrument. ↗
24 Aug 2026 On track; FPSO en route to Asian yard – The Aoka Mizu FPSO has been disconnected from the field it previously served and is on route to a shipyard in Southeast Asia, with its arrival expected in... ↗
27 Aug 2026 On track for first oil Q1 2028 – we are on track for First Oil from Sea Lion in Q1 2028 with development drilling expected to commence early next year. ↗
30 Sep 2026 Funded, on track for Q1 2028 first oil – NDA 1 work progressing towards first oil target of Q1 2028 ↗
5 Oct 2026 Funded; contractor replacement under way – it is taking action to replace two breaching contractors and will continue to act to make adjustments to the Project, as may be required. ↗

What is happening

Rockhopper Exploration: Sea Lion Phase 1 development – Funded; contractor replacement under way. ['Funded; contractor replacement under way']

In short: 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.
Announced: 10 Dec 2025 · EPF estimate raised to US$52.5m
Latest: 5 Oct 2026 · Funded; contractor replacement under way
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
Exploration: Several exploration wells planned, including deepening first well to Gwendoline prospect
Next milestone: First oil Q1 2028; development drilling expected to start early 2027
Contractors: Two breaching contractors being replaced, per Navitas on 5 Oct 2026
Operator view: No material adverse effect on the Project expected at this stage
Risk: Delay or failure to replace contractors, or more contractors withdrawing, could change this view
Government support: Falkland Islands Government and UK Government support continues

What comes next

Replace two breaching contractors; drilling expected early 2027.

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