Rockhopper Exploration (RKH)

Business description

Rockhopper is a London-listed E&P with fully funded development of Sea Lion, a 500+mmbbl field in the Falklands as well as the potential of a similar size discovery to the south. It also holds assets in the Mediterranean.

Stock data

Market cap.£105.1m
Last close23.00p
High / Low (52 weeks)39.0p / 19.2p
Stock market listingLN
Forecast net cash (US$m)79.9
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual4.6(14.8)(31.3)
Relative *4.4(17.3)(40.9)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2014A 1.9 (8.0) (7.6) (2.6) N/A N/A
2015A 4.0 (32.8) (44.7) 3.6 8.0 N/A
2016E 7.9 134.1 123.0 26.8 1.1 N/A
2017E 11.1 (3.9) (18.1) (4.1) N/A N/A

Last updated on 10/04/2017

Latest research

Sea Lion economics robust in current environment

Flash note | Oil & Gas | 12/04/2017

Sea Lion thoughts and Ombrina Mare

Update | Oil & Gas | 05/04/2017

Operational update

Update | Oil & Gas | 09/02/2017

Looking to 2017

Update | Oil & Gas | 21/12/2016

A large part of a large pie

Outlook | Oil & Gas | 18/10/2016

CPR confirms size of Sea Lion

Update | Oil & Gas | 25/05/2016

Egypt hops from Beach to Rocks

Update | Oil & Gas | 21/04/2016

Chatham well deferred

Update | Oil & Gas | 16/02/2016

Looking into 2016

Update | Oil & Gas | 25/01/2016

Isobel-2 success

Flash note | Oil & Gas | 12/01/2016

Proposed merger with FOGL

Flash note | Oil & Gas | 24/11/2015

Beach Energy acquisition

Update | Oil & Gas | 07/09/2015

Investment summary

Rockhopper’s (RKH) full year 2016 results do not reveal any material news, but do help underline the progress the company made in 2016 with the acquisition of production assets in Egypt and the continued lowering of costs at Sea Lion. Net production of 1,350boe/d helps to offset general costs and maintain the substantial cash balance (end of year $81m). Most importantly, perhaps, is that the board considers the Sea Lion development to be “sufficiently robust to be sanctioned in the current environment, assuming the required capital investment can be secured”. Therefore, focus continues on working with the operator (Premier) in getting the project to FID. We point investors to our recent note on the mechanisms that the partnership can follow and the impact on RKH’s value. Our NAV is 73p/share.

Last updated on 12/04/2017

Key management

Sam Moody, CEO
Stewart MacDonald, CFO

Company address

Hilltop Park
Devizes Road
Salisbury
SP3 4UF
United Kingdom
View website