MercoPress. South Atlantic News Agency

Falklands, Rockhopper raises US$ 20 million in fresh funds to fund Sea Lion project

Sam Moody, CEO of Rockhopper commented: “We’re delighted with the results of the Open Offer and very grateful for the continuing support of our shareholders”.

Rockhopper Exploration has completed a plan to raise fresh funds from shareholders, expecting to bring in around US$200 million to fund its investment in the Sea Lion prospect in the Falklands. The AIM-listed firm announced the results of its open offer to shareholders on Wednesday, which raised total gross proceeds of around US$ 20m.

Rockhopper, which has a 35% stake in the Sea Lion development, raised the money to largely fund its share in a second floating production and storage and offloading (FPSO) vessel, OSX-1.

Israel-based Navitas, operator of Sea Lion, has estimated a second FPSO could increase production capacity by a further 125,000 barrels of oil per day (bopd). The first two development phases are going to use the FPSO Aoka Mizu, which will have a production capacity of 55,000 bopd.

Navitas has said the cost of buying OSX-1, excluding upgrade costs, would be around US$ 125m. The partners have predicted first oil in the first half of 2028 with drilling and completion works expected to start in early 2027.

According to the official Rockhopper Exploration plc release the results of its Open Offer to Qualifying Shareholders, itself announced on 27 August 2026 and which, in accordance with its terms, closed for acceptances at 11.00 a.m. on 15 September 2026.

The Company said that valid acceptances were received from Qualifying Shareholders for a total of 24,242,324 Open Offer Shares under the Open Offer, representing a take-up of approximately 118% per cent. of the 20,529,259 Open Offer Shares available under the Open Offer.

Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full basic entitlement. Applications for New Ordinary Shares under the Excess Application Facility have been scaled back on a pro rata basis, in accordance with the terms of the Open Offer as outlined in the Circular.

Accordingly, the Open Offer has raised total gross proceeds of approximately US$20 million (approximately £14.4 million) through the issue of a total of 20,529,259 Open Offer Shares.

Admission and dealings The Open Offer Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with each other and with the Existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of Admission. Application has been made to the London Stock Exchange for the Open Offer Shares to be admitted to trading on AIM (“Admission”). Dealings in the Open Offer Shares and Admission are expected to take place on or around 8.00 a.m. on 18 September 2026.

Total voting rights The Company confirms that, upon Admission of the Open Offer Shares, which is expected to occur on 18 September 2026, the issued ordinary share capital of the Company will consist of 1,071,968,721 Ordinary Shares of 1 pence each with voting rights attached and there will be no Ordinary Shares held in treasury. This issued share capital figure can be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.

Sam Moody, CEO of Rockhopper Exploration, commented: “We’re delighted with the results of the Open Offer and very grateful for the continuing support of our shareholders. We look forward to updating them as we continue to make progress at Sea Lion.”