Rockhopper Exploration ehemals FALKLAND OIL & GAS +++ 270% mit Öl (Seite 16)

[honigbaer]

Sea Lion update auf der Homepage am 22. August:
https://rockhopperexploration.co.uk/2019/08/corporate-update…

“The Project continues to build momentum with significant progress being made across key areas, all with the aim of moving into the execution phase post sanction. The PIM submission in late July has kicked off the formal application process for the senior debt financing guarantees for which we expect initial feedback in Q4 2019.”

[Andrija]

Financial submission for developing Falkland Islands' Sea Lion project

Rockhopper Exploration PLC on Tuesday said it has submitted an early information memorandum to potential lenders for the Sea Lion project in the Falkland Islands.

Rockhopper has been working on financing for the Sea Lion project for some time, and has now sent a preliminary information memorandum to possible senior lenders.

This memorandum will form the basis for a loan application for senior debt project financing.

This submission, Rockhopper said, is backed by “comprehensive” reports covering “the full range” of technical, reservoir, legal, tax, and health, safety, security, & environmental aspects.

Chief Executive Sam Moody said: “The submission of the preliminary information memorandum marks a material milestone in the project financing process for the Sea Lion development.

”Should the application be well received, we anticipate moving into a phase of detailed lender due diligence and documentation during fourth quarter 2019.”

Rockhopper shares were 0.5% lower on Tuesday afternoon in London at a price of 21.90 pence each.

https://en.mercopress.com/2019/07/31/financial-submission-fo…

[Andrija]

Antwort auf Beitrag Nr.: 61.059.076 von honigbaer am 18.07.19 20:21:53

Das ist noch konkreter. So ähnlich sagt er es ja auch im Video. Hört sich so positiv an, dass man staunt dass der Kurs kaum reagiert. Scheint dann "nur noch" an der Fremdfinanzierung zu liegen. Für Premier ist das "go" offenbar klar.

[honigbaer]

Hier
https://en.mercopress.com/2019/07/18/falklands-sea-lion-proj…
steht
Regarding the Falklands, Premier revealed that a comprehensive set of independent expert reports on the Sea Lion project in the North Falklands Basin has now been completed.

“These, together with the Preliminary Information Memorandum, will form the basis of a loan application package which Premier plans to submit imminently to export credit agencies for the senior debt component of the project financing structure”.

[Andrija]

Interview mit Tony Durrant, CEO Premier Oil

https://www.malcysblog.com/2019/05/core-finance-ceo-intervie…

Durrant äußert sich zu Sea Lion zwischen Minute 11 bis 15 optimistisch.

[honigbaer]

Dachte auch Ende Q2

[Andrija]

Offenbar eine Mitschrift von der heutigen PMO Hauptversammlung aus dem LSE Board

* Reached technical definition completion, In advanced commercial talks & discussion with lenders in the "next few weeks". Many more mentions of Zama than SL

Audience questions
Prospects around advancing Falklands?
Optimistic because tech defn done, applying to the UK over the "current few months"
UK Argentina relationship improving, Joint flights, fisheries.

SL : How would you finance & improve b/sh debt?
Project SPV route
UKEF export credit to cover
non-recourse
Of course, additional debt on a consolidated basis..

FID/Sanction timing?
"Hesitant" to say a date.
UKEF feedback expected in 6-8 weeks after submission at best
Board decision at end of year iff risks are okay
Sanction a few months after then iff risks are okay

*View on Arg offshore acreage & SL impact.
Majors participated. "Geologically exciting" because it's a proof of concept
Falklands same geological area.
Per Arg law, it's illegal to hold a licence in Arg waters and Falklands waters..
Of course Arg has claims over Falklands, but there's not much they can do about it.

* When will you pay the Falklanders, you took our drilling rights? (asked twice, aged shareholder)
** There's a bn barrels down there, dig or swim down!!
"When financing" is completed, that decision can be made.
"Thank you, next question please."


UKEF=Staatliches britisches Exportkreditinstitut UK Export Finance

"A few months after". Hört sich nicht mehr nach einer Entscheidung in diesem Jahr an. Dabei dachten wir alle an das Ende des 2. Quartals, oder?

[Andrija]

Antwort auf Beitrag Nr.: 60.265.419 von Andrija am 03.04.19 13:19:38

Ergebnisse kommen gut an. Kurs geht zieht endlich wieder an. Ölpreis knabbert an der 70$-Marke und die Gespräche zur Finanzierung scheinen gut zu laufen.

[Andrija]

Rockhopper Final Results for the year ended 31 December 2018

2 April 2019
Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to announce its audited results for the year ended 31 December 2018.

Highlights
Sea Lion Phase 1 development – securing senior debt funding represents last major milestone to achievement of FID

Front End Engineering and Design completed in Q1 2019
Process to progress contractor LOIs to full agreements well advanced
Field Development Plan and Environmental Impact Statement substantially agreed with the Falkland Islands Government – final approval expected at sanction
Good progress made with the Falkland Islands Government on Sea Lion royalty and fiscal terms
Financing structure progressed – extensive due diligence and assurance process underway
Vendor financing – contractors have agreed to provide up to US$400 million of funding for the project
Project momentum building with budget approved in Q3 2018 to increase activity and expand the Operator’s project development team
Greater Mediterranean portfolio continues to deliver stable production with exploration upside

Net working interest production averaged 1.1 kboepd in 2018
Multiple oil and gas discoveries as a result of the 2018 drilling campaign at Abu Sennan, Egypt
Successful infill drilling and implementation of a water injection programme at the Al Jahraa field to enhance production and maximise recoverability
Oil discovery in the Bahariya de-risks future exploration at this level across the concession
Strong financial performance with continued focus on managing costs

Revenue of US$10.6 million; operating costs US$4.6 million; cash flow from operations US$5.4 million
Cash operating costs of US$11.7 per boe – maintaining a low cost base
Continued management of G&A costs – US$5.3 million – down over 50% since 2014
G&A costs covered by operating cash flows
Cash resources of US$40.4 million at 31 December 2018 and no debt
Corporate

International arbitration hearing in relation to Ombrina Mare took place in February 2019
Alison Baker appointed as Independent Non-Executive Director in September 2018
Outlook

Joint venture to submit formal senior debt funding application on Sea Lion Phase 1 in Q2 2019
Outcome in relation to Ombrina Mare arbitration expected in late Q3 or early Q4 2019 – seeking significant monetary damages
Active drilling campaign at Abu Sennan, Egypt with four wells planned during 2019
Appointment of Keith Lough as Non-Executive Chairman following the retirement of David McManus at Company’s forthcoming AGM
Continued pursuit of new venture opportunities to supplement production, enhance cash flow and strengthen balance sheet

Sam Moody, Chief Executive Officer of Rockhopper Exploration, commented:
“Sea Lion has the potential to be transformational for Rockhopper and the Falkland Islands as a whole. Securing funding is the last remaining major milestone before Sea Lion can reach FID and all efforts are focused on securing such financing to allow the project to move into the development phase.

“The outcome of our international arbitration against the Republic of Italy is expected later this year and following the hearing in February we remain confident that we have strong prospects of recovering very significant monetary damages.

“I would again like to thank David McManus for his efforts as both a Director and latterly as Chairman, throughout a period in which the Company undertook transactions in the Falklands and the Mediterranean and continued to advance the world class Sea Lion development.”

https://rockhopperexploration.co.uk/2019/04/corporate-update…

[Andrija]

PMO

2018 Full Year Results
07 Mar 2019
Tony Durrant, Chief Executive Officer, commented:

“2018 saw higher production, positive free cash flow and a return to profitability. The Group is ahead of plans to restore balance sheet strength and remains focused on consistently delivering free cash flows. Growth projects such as Tolmount, Zama and Sea Lion, together with promising exploration in Mexico and Indonesia, are being advanced within a disciplined financial framework.”

2018 Operational highlights

Record production of 80.5 kboepd (2017: 75.0 kboepd)
Catcher oil plateau rates increased to 66 kbopd (gross)
Tolmount Main (UK) gas project sanctioned; estimated peak production of 58 kboepd (gross)
Highly prospective new licences secured offshore Mexico and Indonesia
US$73.4 million of cash receipts from non-core asset disposals
2018 Financial highlights

US$133.4 million post tax profit (2017: post tax loss of US$253.8 million)
EBITDAX increased to US$882.3 million, up 50% (2017: US$589.7 million)
Cash flows from operations of US$777.2 million, up 64% (2017: US$475.3 million)
Opex of US$10/boe with additional lease costs of US$7/boe; low cost base maintained
Total capex (development, exploration and abandonment) of US$353 million, below forecast
US$181 million debt reduction from accelerated conversion of convertible bonds
Year-end net debt of US$2.3 billion, down US$393 million (2017: US$2.7 billion)
Covenant leverage ratio reduced to 3.1x (2017: 6.0x)
2019 Outlook

Production guidance of 75 kboepd, a 5% increase after disposals; 89 kboepd year to date
Cash margins expected to be 30% higher at comparable commodity pricing
Opex (excluding lease costs) and capex guidance of US$13/boe and US$340 million, respectively
Project sanction of Catcher Area additions (Catcher North and Laverda) anticipated 1H
Zama, Tolmount East appraisal programmes to complete Q3
Formal loan application for Sea Lion funding to be submitted in Q2
Material free cash flow, driving further debt reduction of US$250 million to US$350 million
ENQUIRIES

Premier Oil plc
Tony Durrant
Richard Rose
Tel: + 44 (0)20 7730 1111
http://www.premier-oil.com/premieroil/media/press/2018-full-…

Präsentation vom 07.03.19:
http://www.premier-oil.com/sites/default/files/presentation/…

Contractor LOIs being converted into fully termed contracts
 FEED to complete end Q1; onshore logistic projects underway
 Financing structure progressed; extensive due diligence nearing completion – Contractor financing matured – Preparing formal application for senior debt
 Progressing regulatory reviews and approval processes
 Environmental work completed; formal approval of EIS expected at sanction