This morning, Rockhopper published interim results in-line with expectations. The numbers include no surprises, with the key event during the period being the US$140m conditional equity raise, which will be accounted for once a final investment decision is made on Sea Lion (the event will trigger the release of the funds from escrow). For completeness, Rockhopper today reported a bottom-line loss of US$51m, driven predominantly by a US$46m non-cash write down of the value of the Ombrina Mare annulment claim monetisation agreement, after the award to Rockhopper was annulled on appeal by the Italian state. This was protected by the company’s insurance policy, which paid out €31m post-period end and bolstered the coffers, leaving cash at US$54m at the end of August. The key upcoming event is now the announcement that a final investment decision (FID) has been made with respect to a Sea Lion development. This is being driven by operator Navitas, which continues to guide to year-end 2025. Rockhopper stated today that, bar any surprises, it expects its next shareholder RNS update to confirm that FID has been taken.