Member Info for SpaceHoppa

Hi BlooBird,

The Issue Price represents a discount of approximately 13.3 per cent. to the volume-weighted average price of 61.14 pence per Existing Ordinary Share for the 30-day period ended 30 July 2025.

Hi Hsbilkhu, thanks. Not happy being down to 380k but they're all pretty much all free now. Cash realised is ear marked to pay off mortgage.

Supra3, 😭 but I'm hoping to get in, not thrown over the balcony!!

Ok, so hopefully last post on the awful imo, placing subject.

SM replied to my questions stating what we all know and agree, Rock have a single asset, need substantial cash to unlock value, funding to FID is best interests of SH's, says a Rights Issues requires an approved Prospectus that would be prohibitively expensive and time consuming and that we are in the strongest ever position to take FID and he believes we can reach financial close and sanction at Sea Lion this year, although obviously there is no guarantee.

I think it is important management know mine and other (though not all) posters views that we think 53p + warrants was far too generous given price is still 40% higher than strike price, that Malcy reported ‘the raise was massively oversubscribed’ and that Placees take no pre FID risk and are likely to see a 100%/$140m profit soon after FID is announced.

I also constructively suggested his PR team would be better used to do short videos of him explaining the companies major decisions, rather than monitoring chat forums. I'll likely not comment on this subject again as everyone including SM knows what I think, and at the end of the day the overly generous placing still leaves the company with the financial strength to see Rock through to first oil, and as has been said, another hurdle has been very much removed. The SP is very strong for many good reasons and Rock have done all they need to do to move forward with FID. It's now just up to FIG and Navitas as our ducks are lined up already.

For my part I've sold a few as I'm (v.likely) retiring middle of next month🎈🐧 I'll try and attend next year AGM but may need a disguise to get past security!

Backagainbaby, sound advice, and don't worry, I wont be banging on about it for much longer. I had a reply from SM which was of course professional, but the irritation of my posts here showed in the tone. Apparently they have a PR team that monitor posts and correlate they to emails to the company. I'd prefer if they had a PR team that actually did PR !

I shall reply to SM at some point over the weekend and post his comments to me on here afterwards.......assuming I haven't had a knock on the door at 3am🤔

Dilution in and off itself isn't an issue. A company with no income will need to get funds from somewhere. Rock needs this money for FID and its a good thing Rock have it. The 7p dilution with 9p warrants for pi's was necessary as well and I was supportive of it. It was thought through and done so all could benefit. This one isn't.

Thanks Stevo12, I thought as much. Cant have the upstart pi's getting in on a steal of a deal with millions of warrants chucked in for good measure, after all they are taking the massive risk of only getting interest payments and all money back if FID fell through.

Just wondering if it's me being out of the loop. Always had a figure of $1.4b yo 1st oil, tho at the AGM SM mentioned raising up yo $1.8b to cover contingency. The $1.658b figure was a new one for me.

Just been pointed out to me from a poster on HBR board, that cost to first oil has risen by $265m. Is just me that didn't notice that??

"Navitas Development and Production Ltd ("Navitas"), an indirect subsidiary of Navitas Petroleum LP, the operator of Sea Lion, estimates the total post-FID funding requirement as US$1.658 billion to the point of first oil production"

LuckyLuciano, looking at the project as a whole the numbers are very good and the oil field fairly standard so shouldn't pose to many problems being developed. You did highlight something I haven't noticed tho, cost to first oil have increased by $250m.

Re HBR, I've just added those 10k at 195.25. It took me 15 years to see a huge profit in RKH, hopefully not quite as long for HBR !

True Buzz, however I'm invested because I don't see that as a likely scenario. As you aren't invested it really shouldn't be a concern for you. We're big boys and girls on this forum, for the most part.

Sub 900m shares for a small/medium sized oil company that is highly likely to grow rapidly is relatively not a lot of shares Buzz. I suspect the SP is likely to rise significantly because of the company prospect, and shares to be held fairly tightly by the new ii's. The SP isn't I feel, going to be hampered much by the additional shares and warrant once FID is announced. Shame you sold out too early Buzz but you can always rejoin as the trajectory is certainly above a £1 in the nearing future.

Donaldb, unsurprisingly I'm never going to be happy with this stinker of a placing. Not only do we not get warrants for the crumbs of 53p share we can ask for, but the reason is because we havent stumped up money into an escrow account. However the city boys get rewarded warrants and get interest for their money that they can convert into even more 53p gifts.

'Interest shall accrue on funds held in the Escrow Account at the applicable Escrow Agent rate in favour of Placees. Upon Admission, any interest that shall have accrued on the funds held in the Escrow Account shall be applied on Placees' behalf to take up New Ordinary Shares at the Issue Price (the "Interest Shares"), with such Interest Shares to be issued to Placees (together with the Placing Shares and Underwriting Warrants) on a pro rata basis in proportion to their respective contribution to the Placing Proceeds. In addition to the Interest Shares, each Placee shall be entitled to receive one further Underwriting Warrant for every 4 Interest Shares it receives.'

Hi LuckyLuciano, ticked up a couple of your posts and I own 30,000 HBR, and might add another 10k if it drops sub 195p.

For the record the Sea Lion project to first oil is costed about $1.4billion and the recoverable oil is approx 900mmbls. There are some very impressive potential oil fields that have been discovered as well in this hopefully, new oil province. Oh and the tax and royalty take is just 35%.

Stevo12, I am 99% sure this is a pursuit with no happy ending, however who at Canaccord did you contact (email?) and what did they say?

Hi Supra, at the end of the day I believe SM has agreed to a deal leaves us perhaps 10% worse than what it should have been, however if this means my shares are only worth £1.80 in 3 years time, instead of £2, I will try to 'suck it up' 🤑

Portoly, may I suggest you by back a third to get you back in the game, and maybe another third if it rises or drops a lot. It won't feels so bad whichever way it goes🤞

Hi Steven, can you cut and paste what Sam has email? you regarding Canaccord?

hi markednmbr1, 'i don't know why you are so unhappy'.

1. the 53p dilution price has already a whopping 46% profit to the current sp of 77.2p

2. city boys get 1 for 4 warrants at 80p for 4 years

3. existing shareholders might get a few crumbs of 1 for 50 oo, and no indication of warrants attached.

4. the subscription was reported as 'massively over subscribed' indicating it was at a significant discount to fair value.

5. it looks like more money might have been raised than is required.

just because we have a great company with great prospects and the sp has risen doesn't mean we should be happy with a ****poor fund raise that shafted existing sh's and diluted us by 29%.

this is the last time i shall repeat my position as it is now well know.

Very sorry to hear that Portoly. Hope you can get back in with some stake and enjoy the ride. I recommend people never ever use a stop loss for a significant amount for that very same reason. Also remember the flash crash robbery by city boys.

Email sent

Hi Sam,

Hope your well. We spoke briefly late on at the AGM.

May I enquire/can you say,

1. Given that you said at the AGM Rockhopper would have approximately (if I remember rightly) $57m in the bank once the insurance claim came in, and $40m in free cash to put towards FID, the rest being needed for G&A etc, why have you decided to raise $140m when the RNS states you need approximately $127m. It seems you will end up having $180m.

2. The RNS seems to suggest there might only be an OO for existing SH’s amounting to approximately 1 share for 50. If right this is a long way short of what would be reasonably be considered as rewarding existing SH’s loyalty. Am I roughly correct in the 1 for 50 calculation?

I will post a reply assuming I get one.

LassondeCurve, I would prefer if at least some of that back scratching came existing SH's way.

Hello Croftoriginal2, that would be an interesting development, although again I don't think Navitas should be forcing Rock to raise funds at a depressed price at this time. May I ask what evidence do you have to base this belief on?