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Drilling update – 14/20-2 (Isobel-2 Re-drill)

11 January 2016

Oil Discovery

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with interests in the North Falkland Basin and Greater Mediterranean region, is pleased to provide the following update on exploration well 14/20-2, Isobel 2 Re-drill (the “Well”).

Highlights

Net oil pay of 27m

No Oil Water Contact or gas encountered

Oil discovery confirmed at Isobel Deep

Additional oil bearing F3 reservoirs

The Well is located on licence PL004a in which Rockhopper has a 24% working interest which will increase to 64% following completion of the merger with Falkland Oil & Gas (anticipated to occur on the 18 January 2016).

The Company can confirm that the Isobel Deep reservoir has been successfully re-drilled and that the Well reached a total depth of 3014m below sea level, in a location some 4km from the Isobel Deep discovery well. The location of the Well was also in a position that intercepted the edges of a number of additional fans within the Isobel / Elaine complex.

The Company is delighted to announce that the Well encountered a total of five oil bearing fan packages of the F3 system, with net pay of 27m recorded within the Isobel Deep, Isobel and Emily reservoirs.

Additionally, whilst sand with oil shows was recorded in the Elaine South and Irene fans, reservoir quality was low (as had been anticipated) given the nature of the location at the very edge of the fan bodies. The Company anticipates that better reservoir can be found in the main bodies of those fans.

The Well did not encounter any gas nor did it penetrate an Oil Water Contact within any of the sands in this location, where the Isobel Deep reservoir is 350m downdip from the discovery well. The results indicate that the total oil column established by this second well is likely to be in excess of 480m.

Whilst the data acquired is still to be fully evaluated and integrated, the initial view of the Company is that the results of this Well indicate that the Isobel / Elaine complex is highly likely to contain a commercially viable quantity of recoverable oil.

https://rockhopperexploration.co.uk/2016/01/drilling-update-1420-2-isobel-2-re-drill/

Waited long enough to know another bid isn't going to happen. So best thing for CNR now is to get MTLs impressive CEO and management to progress the mine. Deal is the best one we have and nothing new is going come along now I feel.

I havent voted yet, but just added another 8,800 shares to 80,000, as I feel the deal is almost certain to happen.

And also omitted the $700m availabe for tax right offs meaning a lot of oil needs to be produced before and tax is applied.

Blue, no prize sadly, other than our admiration should you win the guesstimate. I prefer you or any above to win of course.

MD, not sure OM will add too many pennies even if appeal thrown out, but as you say, 20p and above is nice, when considering price a few weeks ago

I agree the trading range looks to have settled around the 19 to 21pence range. Which is a considerable improvement from the 13/14p range a few short weeks ago !!

The OM decision has been significantly reduced in importance as Rock management have ensured the company almost certainly is fully funded to cover Sea Lion development costs, whatever the result. I would have like to see the appeal put to bed pre Christmas, however it looks unlikely now, so the SP is unlikely to change much this year.

Using the mid price, it looks like r1234 is in pole position to win the EoY prediction from January.

23 passive

22 BlueDefender

20 r1234

15 Latics

I am hanging back with my 80,000 votes, just in case another offer comes in.

However, I will vote for the deal if nothing better comes along, which is highly unlikely at this stage.

MTL's offer is reasonable if viewed as a JV, which sees Cnr keep 30% of La India, with the new company that will build the mine.

I concur Auson,

nobody sold quantity anywhere near that price.

I did a 250,000 dummy sale and was offered 20.84p. The 550,000 @21.227 was almost certainly, a buy.

Great to see us try and retest 15pence zone a week ago, and not even get there before bouncing back to 21p.

My amateur TA analysis suggests that there is only weak resistance between 24pence and 38pence. So we could see a significant rise in the next few months if OM award falls to the high side and more peripheral Sea Lion development news drips into public knowledge.

One million, a nice round number and thanks for sharing.

Interesting knowing how committed some of my fellow investors are. If, or more likely when, Rockhopper/Sea Lion fulfils it's promise, it will be nice to meet up with the former long suffering :)

Wednesday supporters chance of suffering ending next year........Medium

Leeds supporters chance of suffering ending next year..........High

Rock supporters chance of suffering ending next year.......Welded and Bolted on (imo 99% ) Certainty !!

Another substantial buy Lufc4eva, and Leeds second in Championship too.

As a fellow long suffering Leeds supporter, and if you don't mind disclosing, may I ask how may do you hope to accumulate?

I'll run another EOY prediction in January Neilius for 2025.

I personally do not expect SP fireworks for either OM or FID, but I do expect a possible steady zigzag rise towards high 20's/mid 30's next year. I felt for a long time that it is almost certain Sea Lion will get developed, and it appears more and more old, and new investors, are feeling the same. The next few years imo are going to be both interesting, and very profitable !

Hi Neilius, the YOY estimate winner made in January is likely to be one of these.

23 passive

22 BlueDefender

20 r1234

15 Latics

However it would be nice if my 28pence won, or preferably anyone above me. Full list below.

132 Stillneedoil

100 Neilius

100 CitizenTS

78 Ovets

73 hsbilkhu

60.5 JEBR

60 BuildersBum3

57 longtermthinker

53 buffit

50 Thenorseman

49 Market-Dealer

48 jakman444

47 billbadger

40 Silverfoil13

38 Kerching

32 fecm

30 Fin147

28 SpaceHoppa

23 passive

22 BlueDefender

20 r1234

15 Latics

13 OscarIndiaLima

10 headder

Thanks ElectricLion, Goneawol, Willowman for the information regarding the CVR which is comforting despite the general feeling that CNR has been undersold.

Ultimately CNR is only worth what someone is prepared to pay for it, and that appears to be 9.9P + 4 x MTL shares + a CVR. For what it is worth I've done well with CNR this year but only about break-even since my first purchase in 2014.

Regarding the deal with MTL. I will vote for it. Why? Well in the absence of a better deal, I view it like an agreed joint venture, where MTL agree to pay CNR SH's 15p per share, which includes an almost certain 5.5p for CVR for 1st gold pour. Plus 34% ish, of the enlarged company that will develop La India and will INCLUDE MTL's current assets of a profitable gold mine and other developing assets !

CNR's rubbish leaders, SmellOnion, gave the impression CNR were worth a lot more that this deal, but it is worth what we have. MTL have way better leadership than CNR do, and that is worth quite a few pennies in itself !!

Hi to all MTL posters. I'm currently a CNR holder with now 80,000 shares, so will most likely be a MTL SH with 320k shares.

I like the look of MTL and although I feel CNR holders have been royally shafted by their pathetic management team, this deal does look in the long run, good for both companies.

Just don't let CNR management anywhere near your boardroom !!

Willoman, as an on and off CNR holder for many years, I understand LTH annoyance with SmellOnion.

007bond1965, yes, MTL now at 5.6p, 0.3p from yesterday equates to an extra 1.2p for CNR SH's. Not much, but every little helps. Also the sum of CNR and MTL is probably higher than the 2 parts seperate

With the 50k shares I sold on the spike. 27.9p are buys not sells as indicated. Rational taking away the understandable emotions.

1, MTL are a well run company and this deal get La India mine going, which snake oil salesmen Onion and Jim Smellon didnt want to do themselves.

2, The deal gives me more cash and shares than just buying MTL shares direct

3, I expect MTL shares to increase having been gifted this deal by management

4, it bring an end to the death spiral conducted by management

5, MTL investors on the whole, seem nice people

6, I would not be too surprised to see a hostile bid from either Calibre or Chinese

7, And finally, I think MTL might become a take over target themselves when after doing the hard work and prior to going into production. Candy might scupper that if he is emotionally attached to MTL though.

Hi LTT, alas my wife does know how many I have, but she's luckily, 'relatively' low maintenance and wasn't interested in my Rock holding or share price.

For some reason her interest has perked up significantly this was week and she now wants to know the latest share price!

Can buy 100,000 for 20.94pence atm, so liquidity seems quite good.

I took the precaution of getting my wife to buy 40,000 around the 8p mark. She's now making £400 a point so she can go sell her own share!!!

FWIW I can sell over £100,000 for 20.07p

#DONT.Sell

Resistance is futile !

However there does look like stronger resistance around the 22/23pence level. But if someone/ii is aquiring, then all the resistance levels are unlikely to hold !!

I bought in earlier in the year for the buy out deal that I expected to be in H1. Took opportunity to take profits and have left 25k in to see what develops. A sale looks more likely now so will ride with the 25k or buy back more if it stagnates again.