- Rockhopper Exploration
- 22 December 2025 12:02:56
Source: Sharecast
The AIM-traded company said the financial close followed the final investment decision taken earlier this month and marked the point at which all key contracts for phase one of the Sea Lion development had now been negotiated and entered into by the project operator, Navitas Petroleum and Development.
Budgeted costs from final investment decision through to project completion remained unchanged at $2.1bn, including contingencies and financing costs, as set out in July.
Rockhopper said that, taking into account the proceeds of the placing, it was fully funded for its equity share of phase one.
“I am delighted that we have reached Financial Close on the Sea Lion Project, arguably the single most important day in our history since we made the Sea Lion discovery,” said Sam Moody, chief executive of Rockhopper Exploration.
“We now look forward to entering the development phase for the field with our partner and operator, Navitas, who have done an exceptional job both re-engineering the development and leading the financing.”
As a result of financial close being achieved, the placing announced in July would now complete.
The company said it had raised gross proceeds of $142m through the issue of 201.1 million new ordinary shares at a price of 53p, comprising 198.2 million placing shares and 2.9 million interest shares.
Admission of the new shares to trading on AIM was expected at 0800 GMT on 31 December, at which point the placing proceeds, currently held in escrow, would be released to the company.
In connection with the placing, Rockhopper said it would also issue 50.3 million underwriting warrants on admission.
Each warrant would entitle the holder to subscribe for one new ordinary share at a strike price of 80p at any time up to the fourth anniversary of admission.
The warrants would not be admitted to trading.
Following admission of the new shares, Rockhopper said its issued share capital would consist of 847.3 million ordinary shares, with no shares held in treasury.
The company also confirmed it would proceed with an open offer to give existing shareholders who did not participate in the placing the opportunity to subscribe for new shares at the same 53p issue price.
Qualifying shareholders on the register at 1800 GMT on 19 December would be entitled to apply for one open offer share for every 49 existing shares held, with up to 13.2 million shares available, raising up to £7m if fully taken up.
Shareholders would also be able to apply for excess shares under an excess application facility.
“I am also very pleased that as a result of reaching financial close we are able to complete the placing and also launch the open offer, where qualifying shareholders can purchase ordinary shares at the placing price,” Moody added.
“This is a very exciting time for Rockhopper and I would like to thank our shareholders for their support and all at both Navitas and FIG for their work as we enter the next phase of the company’s history.”
At 0935 GMT, shares in Rockhopper Exploration were down 0.75% at 70.07p.
Reporting by Josh White for Sharecast.com.