Member Info for SpaceHoppa

SM just 6 weeks ago, thought everything ready for FID in October and November for the actual FID. Admittedly there seems to have been a bit of an acceleration in activity since then with Rocks planned fund raise and Navitas scheduled SL financing meeting next month, however I'll be pleasantly surprised if it is pre November as these things almost always take longer than we think.

SM said at the AGM he thought/hoped that all the necessary permits would be signed off before the election, making the election pretty much a mute point. I'm also sure FIG would not want Rock/Navitas going down the route of bankrupting the FIG via arbitration if they suddenly tried to pull an OM on us.

'Isn't that more-or-less what you're trying to do?'

You seem to confuse a different view to your as'' militant, selfish and shutting down other views''. I've expressed my view, and some agree with me. You should try articulating the opposing view and not attacking the person you disagree with!!

'Those making so much militant noise about the OO appear to be looking at things through a rather selfish lens.'

Those who play the person, rather than the ball, have already lost the argument.

'Some here seem to be working themselves up into a lather over this, but they're also winding others up too, who may not have thought things through.'

'I'm disappointed by the militant position taken by some posters here'

Ovets, you don't get to shut down other posters views just because they don't align with your view, even if that is a view on just one person. As long as it is well articulated, reasoned and factual, counter arguments should always be welcomed !!

I've detailed why I don't like it and Rocks states clearly ' US$115 million at 53p Funds Rockhopper for basic FID costs'.

The stuff about FIG elections is a red herring wrt the placing.

At the moment. Could be on for another closing high today.

'If they offload placed shares then they don’t get any 80p warrants'

I don't think this is right Croft if going by the last placing whereby we had warrants. Once you have the warrant rights, you can do what you want with the placing shares.

Sadly PaulDrayton, I'm 99% sure management wont withdraw the unnecessary (even going by their own RNS) $25m + wonderfully generous 1 for 4 warrants, but that doesn't mean we shouldn't let them know we aren't happy with it and know an RI would have been vastly more appropriate 'IF' they wanted that extra cushion.

If they receive the insurance pay out they SHOULD cancel the conditional placing and replace it with a Rights Issue with warrants for existing shareholders.

I think that's net to Navitas LTT

Hi LTT, I'm sure Navitas will do everything to get SL into production asap, but I suspect mid 2028 is probably when it will happen as there will be inevitable delays most likely. We are very fortunate to have Navitas as a partner and if they want to bring in someone late on, then I'm sure they will be a good fit as well. I'm assuming Rock wont reduce % now they have the placing sorted.

Why to vote against. Facts taken from the RNS. Equity contribution US$92m. Rockhopper's contingency $10m = US$102 million. Suriety Bond of approximately US$25 million.

Rockhopper's current estimated capital requirement for Phase 1 is US$127 million.

Other corporates costs US$30 million to US$40 million over the next three years (thanks R1234 as I had missed that approx. 3 year/ $35m)

So ‘’Needs’’ are up to $167m

Have cash equivalents balance at 30 June 2025 of US$21.6 million. Circa.US$35.7 million insurance policy =$56m

Raising $115m in first placing…... 115 + 56 cash = 171m. So (Will) HAVE $171m, against Need of $167m

The warrants from the initial placing are highly likely to bring in another $43m within 4 years.

The additional $25m in the 2nd plus even more cheap warrants raise at 0.53p, placing plus $8m crumbs for us, is unnecessary ‘’at the moment’’ and management HAVE THE TIME to organise a Right Issue to reward actual share holders, even if it costs more to do. I will be voting against this extra and unnecessary gift to the newbies. I suspect the vote will sail through, however assuming the insurance comes in, the Maths shows we aren’t risking FID by voting against this giveaway.

Sea Lion - The Project is heading towards FID! (Note exclamation mark)

https://www.navitaspet.com/wp-content/uploads/2025/08/Navitas-Presentation-July-2025-ENG.pdf

▪ Field development plan (FDP) – “technical” approval was received

from the Falkland Islands Government (FIG) for phases 1 & 2.

▪ Environmental Impact Statement (EIS) based on the development

plan, post public hearing, in compliance with FIG regulations.

▪ The comprehensive arrangement with the Falkland Islands

Government (FIG) regarding regulatory matters (including taxation,

fiscal stability, transfer pricing and more) is in its final stages.

▪ An international bank is leading the project finance (in a similar

structure to Shenandoah and the syndication model). Total expected

project financing (senior debt) is approx. USD 1 billion (100%).

▪ Agreements with key suppliers and contractors have been signed or

expected to be signed soon:

▪ Lease agreement of a Floating Production Storage and

Offloading (FPSO) facility

▪ Long lead items agreements

▪ Agreements with a drilling contractor and supportive services

vendor

▪ Subsea pipelines agreements

Aoka Mizu, Designated FPSO for the project

Hi Yeast, I'll never like this placing even if we reach £2 at first oil, however to sweeten the deal if we both buy those pink drinks and my mate drinks them both, that might cheer me up 😁

Afternoon LTT, AGM seems a long time ago already. May I enquire where did you hear the 2 largest shareholders wont be participating in the miniscule SH OO? It wont make much difference though even if true.

I did read the placees agreed not to eat any of our 0.53p crumbs, but then they've been gifted a banquette anyway.

'Each Placee participating in the Placing has undertaken to the Company not to take up their respective Open Offer entitlements as a condition of their participation in the Placing.'

Good to see the SP holding up really well despite the placing, which goes to show how good the asset is rightly perceived by the market.

OO is for $9.2m = circa £6.2m /0.53p = Max 11.7m shares

645m shares currently/11.7m = we get the pathetic crumb of 1 x 0.53p share for every 55 shares held,

and obviously no warrants for us, unlike the newbies who get one for every 4.

As I see it and doing the maths. Rock say JV needs 790m equity. Thats $92m Rock need, plus $25mfor other stuff plus 10m for cost over run support. Total 127m. They dont need to raise $140m at the awful 53p price plus lots of warrants at all, even without the insurance claim. SM said at the agm with the insurance claim they would have free cash of 40m. I'll certainly be voting against if the claim is paid.

The only one who shld be extremely happy at this raise in the 'Placees'. Mathamatically and if possible, it would have been better for Rock SH if the company had sold 5 to 10% of the Sea Lion for $140m, as we own % wise so much less of our company after dilution, and we would have to find less to fund our share going fwd.

FWIW I bought back 20,000 at 76.512 first thing, 3p higher than what I'd sold😏

It really feels like it is a game of patience now until FIG get their i's dotted and t's crossed.

#ItsGoingTo Happen!!

Think we all want to know what oil Isobel holds, but focus needs to be 100% on getting SL into production.

Also something SM wrote and he's correct yo highlight this, just a 5% overrun on a 1.6b project, results in an extra $80m needed. Isobel can and should wait.

Wow🎉🎉🎉 Was not expecting this announcement yet but that in a nutshell is Navitas getting Duck 2 lined up, Rock Duck 1 already in line after the $140m fund raise, just FIG to approve, which is rumoured to be in Oct.

FID Nov as SM suggested, looks very possible. Tomorrow is likely I feel, to see us possibly low to mid 80's, and whilst previously I scoffed at us being £1 at FID, that looks very doable despite the 29% dilution. Be nice to hear of the insurance money in the bank as well soon. Looking fwd tomorrow very much but off to an animal farm all day, be gutted if there I no internet😫

🦆🦆......🦆