(Sharecast News) - Rockhopper Exploration reported full-year results for 2024 on Thursday, as it continued to progress its Sea Lion oil development project in the North Falkland Basin.
While still pre-revenue, the AIM-traded company said it had secured a mandate with a lead technical and lending bank, with its financing plan now incorporating senior debt.

A final investment decision was expected in the second half of 2025 to allow for completion of bank due diligence.

An updated independent report commissioned by partner Navitas estimated gross 2C resources at 917 million barrels, with Rockhopper holding a 35% working interest.

The phased development envisaged five stages and two FPSOs, with the initial phases using a single vessel and two drilling campaigns.

Separately, Rockhopper advanced monetisation of its Ombrina Mare arbitration award, receiving an initial €19m and potentially up to €65m more if the annulment was successfully defended.

The company ended 2024 with $20.9m in cash and term deposits, and continued to prioritise cost control.

"This has been a very important period for Rockhopper and an exciting time for the company and its shareholders as we continue to work with operator Navitas in moving the Sea Lion project towards final investment decision," said chief executive officer Sam Moody.

"With work on financing for the development beginning to gather pace and continued progress on the technical side, we look forward to providing the market with further updates."

At 1250 BST, shares in Rockhopper Exploration were down 2.26% at 53.56p.

Reporting by Josh White for Sharecast.com.

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