Member Info for r1234

One use of the excess cash from the raise might be to pay off the portion of the Navitas loan that accrues interest. I don't think I've seen the rate anywhere, I'd expect around 8%.

Increased free cash flow of $1.36bn (H1 2024: $0.38bn); net debt[1] excluding unamortised fees reduced to $3.8bn (YE 2024: $4.7bn) and leverage reduced to 0.5x (YE 2024: 1.1x)

From the RNS

Rockhopper estimates that its project equity contribution will be US$92 million at FID. Including Rockhopper's proportion of an additional 5% project contingency, this increases to US$102 million.

FIG has indicated a requirement for provisions of certain contingent project decommissioning liabilities to be secured and funded as the project is developed in the event of early project failure pre-production. This is likely to place an additional phased financial requirement on Rockhopper, starting at the time the first pre-drilled well is spudded, and is estimated, at this stage, to peak at approximately US$40 million at First Oil on Phase 1. The Company has started investigating various sources of funding for this and currently believes that a form of surety bond can be put in place which will result in Rockhopper having a net financing requirement of approximately US$25 million.

Rockhopper's current estimated capital requirement for Phase 1 of the Sea Lion Development, including its best estimate of net early project failure decommission liabilities, is US$127 million.

Outside of direct Sea Lion Project costs, the Company expects to have other corporates costs in the region of US$30 million to US$40 million over the next three years at which point Rockhopper expects First Oil to have occurred (currently anticipated in Q1 2028).

Total = $167m

The offer to PI's is not open yet. I believe it has to be approved at a general meeting first.

" Admission becoming effective by not later than 8.00 a.m. on the fifth Business Day following FID (or such later date as may be agreed by the Company and Canaccord)."

Not sure about the offer shares.

RKH are expecting FID end of 2025?

"around the date of Admission, which is currently expected to occur by the end of 2025"

The date of Admission is when the new shares are available on the stock exchange and that is conditional on FID.

@OliveOil71 you won't be offered any shares in the offer as you are no longer a share holder.

Still if you sold yesterday, you are doing alright buying back today.

Is it a coincidence it was rescheduled for today?

Actually that could be genius. Launch UKCoin crypto, would cost the gov nothing and raise billions.

The last time they raised money half was from a placing and half from an open offer. So maybe £25m from holders, I think the offer will be closer to 1 new for 20 existing.

https://www.lse.co.uk/rns/RKH/proposed-capital-raise-wu7n3k96yvjeax1.html

My mistake, misread that as 16th July.

William Hodson, a Non-Executive Director of the Company, acquired 122,807 ordinary shares of 1p in the Company ("Ordinary Shares") at 6.7p per Ordinary Share on 16 June 2025.

Always good to see. Looks like with his own money AFAICS

"supported the genocide by Israel in Gaza". So do their Arab neighbours who won't let the Gazans flee the warzone.

"a large collection of very intelligent investors". Really!? Stop feeding the troll.

"Like Garbled, there is an agenda". Quite, to disrupt the board. Filter

Those bidding 50p are going to have to up their game :)

You misunderstood. I wasn't referring to RKH but some 3rd party interested in FI oil.

4. Farm in to BOR?

@Mirasol

My take is that it is just FIG saying they don't have headroom to deal with anything other than Sealion at the moment.

Presumably FID can't/won't happen until FIG have all legislation in place?

EG777 mentioned it in their AGM report:

"Sam also mentioned if they do a raise they’d aim to do another open offer with warrants for existing shareholders."

Found this but it's not clear to me:

https://www.gov.uk/guidance/stocks-and-shares-investments-for-isa-managers

Qualifying shares do not include:

warrants to subscribe for shares (but see shares and securities in investment trusts).

Shares and securities in investment trusts:

Warrants in an investment trust are not qualifying investments unless, exceptionally, they are attached to shares purchased by an ISA manager in the course of a public offer.

Where managers apply for shares in an investment trust using cash within a stocks and shares ISA, they may retain in the ISA any warrants attached to the shares acquired in the course of the public offer.

Any warrants received subsequently (for example, new issues of warrants offered to existing shareholders only) cannot be held in a stocks and shares ISA. They must either be sold or re-registered into the investor’s own name.