Rockhopper Exploration : Full-year results for the year ended 31 December 2020

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce its audited results for the year ended 31 December 2020.

Keith Lough, Chairman of Rockhopper, commented: 'The Company will continue to work closely with all stakeholders to maximise the chance of securing the Navitas farm out and project sanction of Sea Lion. The Board believes that the opportunity to invest in a world-scale fully appraised and engineered project with material additional upside at this point in the cycle presents a compelling opportunity, and one which would lead us towards unlocking the value within the project long-awaited by all stakeholders.'

Contact:

Tel: +44 (0) 20 7390 0234

COVID-19

The human and economic impact of COVID-19 has been very significant. The health and wellbeing of our staff remains a priority. We have adapted our working practices to ensure business continuity. We thank our staff and wider stakeholders for their continued support.

OUTLOOK

At 530 million barrels of 2C recoverable resources, Sea Lion is a world-class oil field with the scale and potential to create huge value for Rockhopper, its partners and the Falkland Islands as a whole.

The merger of Premier and Chrysaor to create Harbour results in a financially stronger operator of the project. This, combined with the proposed entry of Navitas to the Sea Lion joint venture, creates a solid operational and financial foundation giving the project the strongest possible chance of progressing.

Based on recent guidance from the Tribunal, an outcome in relation to the Ombrina Mare arbitration is now expected in July 2021. The Company remains of the view it has strong prospects of recovering very significant monetary damages.

Finally, we thank the Falkland Islands Government for its continuing support and will continue to work closely with all stakeholders to maximise the chance of securing the Navitas farm out and project sanction of Sea Lion. The Board believes that the opportunity to invest in a world-scale fully appraised and engineered project with material additional upside at this point in the cycle presents a compelling opportunity, and one which would lead us towards unlocking the value within the project long-awaited by all stakeholders.