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

Relative *(20.3)(13.2)(8)

* % Relative to local index

Other companies in sector Show

88 Energy Activa Resources
ADX Energy Afren
African Petroleum Corporation AJ Lucas Group
Aminex Andes Energia
Antares Energy Athabasca Resources
AusTex Oil AWE
Azonto Petroleum Bankers Petroleum
Bitesize Briefing BNK Petroleum
Bowleven Bridge Energy
Buru Energy Cairn Energy
Canacol Energy Canadian Overseas Petroleum
Canoel International Energy Cap Energy
Carbon Energy Carnarvon Petroleum
CBM Asia Development Central Petroleum
Challenger Energy Coastal Energy
Columbus Energy Resources Cooper Energy
Core Laboratories Cue Energy
Denbury Resources DEO Petroleum
Deutsche Rohstoff Dragon Oil
Drillsearch Energy Egdon Resources
Elk Petroleum Energy XXI
Exillon Energy Exoma Energy
Falkland Oil & Gas Faroe Petroleum
Fastnet Oil & Gas Forum Energy
Gasol Genel Energy
Genie Energy Great Eastern Energy Corporation
Green Dragon Gas Greka Drilling
Gulf Keystone Petroleum Gulfsands Petroleum
Hawkley Oil & Gas Hellenic Petroleum
High Peak Royalties Hurricane Energy
Hydrodec Group IPB Petroleum
Ithaca Energy JKX Oil & Gas
Karoon Gas Kea Petroleum
Kina Petroleum Kreuz Holdings
Lansdowne Oil & Gas Leed Petroleum
Leigh Creek Energy LGO Energy
Lion Energy Liquefied Natural Gas
Lochard Energy Madagascar Oil
Madalena Energy MEC Resources
Mediterranean Oil & Gas MEO Australia
Mosman Oil and Gas Nautical Petroleum
New Standard Energy New Zealand Oil & Gas
Nido Petroleum Nighthawk Energy
North Sea Energy Northern Petroleum
Norwest Energy Otto Energy
Pacific Rubiales Parex Resources
Petrel Energy Petroceltic
Petromanas Energy PetroMatad
Petrominerales Po Valley Energy
Premier Oil President Energy
Pura Vida Energy Quadrise Fuels International
Ramba Energy Range Resources
Real Energy Real Energy Corporation
Regal Petroleum SacOil Holdings
Salamander Energy SDX Energy
Sefton Resources Senex Energy
Sequa Petroleum ShaMaran Petroleum
Simba Energy SOCO International
Solo Oil Sound Oil
Sterling Energy Stratic Energy
Tethys Petroleum Touchstone Exploration
Tower Resources TransAtlantic Petroleum
TransGlobe Energy Valiant Petroleum
Vermilion Energy Victoria Oil & Gas
Wentworth Resources WestSide Corporation
Xcite Energy

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
United Kingdom
View website