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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 production and exploration assets in the Mediterranean.

Stock data

Market cap.£183.2m
Last close40.05p
High / Low (52 weeks)44.0p / 18.5p
Stock market listingLN
Forecast net cash (US$m)35.7
Forecast gearing ratio (%)N/A
TeamResources - Oil & Gas
SectorOil & Gas

Price performance

%1m3m12m
Actual12.563.586.3
Relative *12.056.078.4

* % Relative to local index

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Company news

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 7.4 (15.2) (18.5) (1.34) N/A N/A
2017A 10.4 (2.4) (7.1) 0.0 N/A 149.4
2018E 8.1 (0.4) (13.8) (3.11) N/A 82.4
2019E N/A N/A N/A N/A N/A N/A

Last updated on 27/06/2018

Investment summary

Premier Oil's (PMO) FY17 results highlighted the progress made by the Sea Lion project operator in securing vendor/debt financing, a key hurdle ahead of the final investment decision (FID) expected in H119. We had previously heavily risked Sea Lion Phase 1; however, we believe the deleveraging of PMO’s balance sheet, the materiality of Sea Lion in the context of PMO’s development portfolio and progress made with regard to project finance significantly increase our confidence in the project reaching FID. We risk Sea Lion Phase 1 at a 40% chance of success (up from 20%), increasing our valuation from 44.2p/share to 62.9p/share (+42%).

Last updated on 29/06/2018

Industry outlook

Small and mid-cap E&Ps have struggled in recent years to secure funding to develop major projects. In response, the Sea Lion JV is considering export credit and vendor/contractor finance as alternatives for field development. Contractor selection and finalising of letters of intent to underpin the provision of vendor funding for US$400m is near completion.

Last updated on 29/06/2018

Key management

Sam Moody, CEO
Stewart MacDonald, CFO

Company address

Hilltop Park
Devizes Road
Salisbury
SP3 4UF
United Kingdom
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