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.£94.9m
Last close20.75p
High / Low (52 weeks)29.2p / 18.5p
Stock market listingLN
Forecast net cash (US$m)51.3
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(19.4)(11.7)0.0
Relative *(20.3)(13.2)(8)

* % Relative to local index

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Company news

Rockhopper Exploration: A multi-bagger, or just running out of cash?

Wed, 14 Sep 2016 12:05:31 GMT

Rockhopper Exploration says progressing Sea Lion is the main focus for rest of ...

Thu, 07 Sep 2017 07:18:45 GMT

What next for Rockhopper Exploration, can it return to recent highs?

Wed, 05 Oct 2016 12:42:14 GMT

Rockhopper Exploration says focus will shift onto Sea Lion financing

Tue, 11 Apr 2017 07:33:43 GMT

Rockhopper eyes Sea Lion sanction in 2018 as funding talks continue

Wed, 14 Jun 2017 07:40:14 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 4.0 (32.8) (44.7) N/A N/A N/A
2016A 7.4 (15.2) (18.5) N/A N/A N/A
2017E 9.8 (2.5) (14.1) N/A N/A N/A
2018E 8.1 0.0 (16.0) N/A N/A 336.6

Last updated on 06/12/2017

Latest research

Investment summary

Rockhopper holds c 50% of the Sea Lion field in the Falklands, one of the largest undeveloped fields globally. With gross contingent 2C reserves of 517mmbbl (and 900mmbbl 3C), the phased development of the fields has been delayed by a number of factors. However, with costs falling to produce an NPV10 break-even of less than $45/bbl and a more solid funding solution becoming apparent over the last six months, a final investment decision is being targeted in 2018. Together with its Mediterranean production assets and $63m in cash at end H117, Rockhopper is well placed to realise long-term value. We have reviewed our modelling and applied lower long-term oil price assumptions, which results in a core NAV of 44p/share.

Last updated on 13/12/2017

Industry outlook

Small and mid-cap E&Ps have struggled in recent years to secure funding to develop major oil and gas projects. In response, the Sea Lion JV is considering export credit finance and vendor/contractor finance as an alternative funding route for field development.

Last updated on 13/12/2017

Key management

Sam Moody, CEO
Stewart MacDonald, CFO

Company address

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