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Research Tree offers ROCKHOPPER EXPLORATION PLC research coverage from 5 professional analysts, and we have 44 reports on our platform.
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|21/10/2016 12:01:58||London Stock Exchange||Holding(s) in Company|
|21/10/2016 11:56:51||London Stock Exchange||Holding(s) in Company|
|18/10/2016 14:58:32||London Stock Exchange||Holding(s) in Company|
|18/10/2016 14:35:48||London Stock Exchange||Holding(s) in Company|
|12/10/2016 07:00:17||London Stock Exchange||Holding(s) in Company|
|07/10/2016 18:18:58||London Stock Exchange||Holding(s) in Company|
|07/10/2016 18:18:45||London Stock Exchange||Holding(s) in Company|
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A large part of a large pie
18 Oct 16
Rockhopper (RKH) holds a material stake in the major discoveries in the Falklands. The Sea Lion complex holds 517mmboe of 2C contingent resource (900mmboe 3C), while the Isobel Elaine complex could be a similar magnitude (according to management estimates). This resource base (over which RKH holds a >50% working interest) is significant on a global scale and commercially attractive given the cost reductions achieved through the FEED process so far – the project is NPV10 break-even at $45/bbl. Although the timing of project sanction is uncertain (particularly given the financial constraints of its partner PMO), the fiscal regime and resource base makes this a compelling long-term project. Our revised core NAV is 74p/share.
14 Sep 16
Rockhopper released interim results for what has been a busy half for the company. Reported net profit was US$131.3m for EPS of USc29.9/share (1H15 USc14.4/share) which included a US$138.8m accounting gain on the FOGL acquisition. Cash and net cash at 30 June was US$65.4m and the company narrowed YE16 guidance to US$60-66m (from US$60-70m). We have revised our figures to reflect the accounting gain and for a first cut at estimates including the now completed Beach Egypt acquisition. Our target price remains unchanged at 85p per share which includes Sea Lion P1 based on a 55% chance of commerciality. We remain buyers.
CPR confirms size of Sea Lion
25 May 16
The release of the independent audit of Rockhopper’s (RKH’s) assets confirms that contingent 2C resources at Sea Lion exceed 500mmboe. This should give further comfort to investors on the value of the project, which should continue to benefit from the deflating cost environment. Elsewhere, due to issues during the redrilling of Isobel, the data available to the company and auditors were only enough to substantiate 2C volumes of 20mmboe at this time. However, the company remains very confident (with appraisal) that the complex could hold 400-500mmbls (which is closer to the current auditors’ 3C estimate). Investors will have to wait until further appraisal is undertaken, probably in Sea Lion development drilling, for further confirmation. We have made some adjustments to the modelling following the CPR, increasing our core NAV to 93p/share.
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21 Oct 16
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£70m placing and open offer
21 Oct 16
Hurricane has successfully raised £70m by issuing c.205.9m shares at a price of 34p. The company is also undertaking an open offer at the same price to raise a further £4.4m. The proceeds will be used to fund two exploration wells on Lincoln and Warwick as well as further development activity on the Lancaster field.