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.£97.1m
Last close21.25p
High / Low (52 weeks)36.0p / 19.2p
Stock market listingLN
Forecast net cash (US$m)50.4
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual(1.2)0.0(32)
Relative *0.5(2.2)(45.8)

* % Relative to local index

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Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 4.0 (32.8) (44.7) 12.0 2.3 N/A
2016A 7.4 (15.2) 98.0 (1.3) N/A N/A
2017E 9.6 (2.4) (11.9) (2.8) N/A N/A
2018E 9.1 (3.7) (20.8) (4.5) N/A N/A

Last updated on 08/06/2017

Latest research

Disposing Civita makes sense

Update | Oil & Gas | 08/06/2017

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

Investment summary

Rockhopper Exploration (RKH) has announced the disposal of its Civita gas field (and a collection of other properties) to Northern Petroleum. The deal is good for RKH, as it reduces future abandonment liabilities on a number of licences in exchange for limited reduction in production cash flows (estimated gross profit of €0.7m in 2016) and a small consideration of $1.6m. It will likely reduce G&A costs going forward and allow RKH to concentrate on its three main assets in Italy (Monte Grosso, Ombrina Mare and Guendalina). The bulk of RKH’s value remains in its Sea Lion development and we hope progress is made in 2017 towards project sanction. We have adjusted our valuation for RKH to account for the deal, which reduces our NAV slightly to 72p/share.

Last updated on 08/06/2017

Key management

Sam Moody, CEO
Stewart MacDonald, CFO

Company address

Hilltop Park
Devizes Road
Salisbury
SP3 4UF
United Kingdom
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