Zeus RN just in - Target 100p, Unrisked NAV 188p2 Apr 2026 11:10
Sea Lion reserves booked Rockhopper has announced that it has now booked reserves for its Sea Lion project, based on an updated CPR. Project activities are reported to be progressing well, with first oil continuing to be targeted for early 2028.
Reserves for Sea Lion now booked.
Rockhopper has now booked reserves for its Sea Lion project, based on an updated CPR from NSAI. The initial two phases of the project (with Phase 1 currently underway, and Phase 2 a direct follow-on funded by Phase 1 cash flows) are attributed 314mmbbl of gross 2P reserves (110mmbbl net to Rockhopper). The 314mmbbl number is consistent with the 2C resources previously attributed to Phases 1 and 2, so represents a simple upgrade to 2P reserves now that the project has moved through FID and development activities are underway. Given the project progress already achieved, this booking of reserves is no great surprise, but it is nevertheless positive to see this third-party sign off of these numbers come through.
Significant resource upside beyond initial development remains.
The Sea Lion JV has previously sketched out a further development beyond Phases 1 and 2, which represented an additional 414mmbbl of gross 2C resources. Today’s report is broadly consistent with this, attributing 323mmbbl of gross 2C resources, plus 94mmbbl of gross P3 reserves associated with the Phase 1 and 2 development (likely representing additional, step-out drilling, we would expect). Together these sum to 417mmbbl gross, matching the previous 2C upside number. As such, in our view the significant upside beyond the initial Phase 1 and 2 Sea Lion development is preserved, continuing to demonstrate the material scale of the overall resource opportunity over the coming years.
Project operational activities progressing well.
Today’s statement also reports good progress on Sea Lion development activities, post FID in late 2025, with the early 2028 first oil target reiterated. While it’s only been a few months since FID, it’s also positive to see that activities remain on track.
Forecasts and valuation.
Rockhopper reports an end 2025 cash holding of US$179m, based on the company’s equity raise having closed by that time. We update our forecasts accordingly (we had previously allowed for the cash from the equity raise to arrive in 2026), as shown below.
Sign In
Follow the stocks
