Member Info for SpaceHoppa

The future still remains very bright for Rock Pauldrayton and most regulars know I'm generally very supportive of management, but I've seen this shafting of SH's at the last minute too many times, and whilst many can be rightly pleased the funds are secured, this deal giving up 29% of the company to Johnny come lately city boys is evidentially plsspoor for ALL SH's. The pathetic 1 for 50 crumbs for existing SH's is an additional slap in the face.

I suspect the answer will be along the lines of additional funds are required for addition contingency cover, or to give the company flexibility should an Isobel drill become available. I personally would like to have seen the minimum required raised now, and and extra as required post FID. As you say it's a done deal, and I certainly well done. I'll ask the question of SM, but not sure I'll get a reply.

'Rockhopper share of this is US$92 million. In addition, Rockhopper will need to provide for an additional US$10 million of cost overrun equity support, bringing the total Rockhopper project equity requirement to US$102 million. The remaining proceeds will go towards the contingent early project failure decommissioning funding requirement, which Rockhopper currently estimates its net cost to be approximately US$25 million, and other ongoing working capital requirements.'

In the above Rock say we need $127m. SM also said assuming the insurance money comes in, added to existing funds, they would have 'free cash' of approx $40m. Before I ask the company, can someone explain why the company are raising $140m at a shafted 53p+warrants, when they say they only need $127m and already should have $40m free cash???

All reasonable views welcome TunisiaDaz. A renegotiation of this, in my view, appalling placing isnt going to happen. But it still remains an appalling bad givaway deal.

I don't think Rock will follow charts very much as news can and will blow through resistance and support levels, but fwiw we are currently well above the high end trend line which was approximately 68p. With the SP now around 77p I'm not sure we will drop back to test that level given the strength of the SP today. Also every penny we rise demonstrates embarrassingly to management what an appalling deal was struck.

I personally think they should scrap that placing and start again at a more realistic price.

Hi Backagainbaby and Donaldb,

I'm no big fan of Malcy but the fact he reports 'the raise was MASSIVELY oversubscribed' shows how poor this deal is. It hasn't spoilt my day. I've done very well out of Rock after a 15 year wait and aim to hold about 300,000 to first oil, selling the rest to ensure I can retire very shortly. However I'd like existing SH's to be rewarded for loyalty, and this placing is the exact opposite.

I agree with BB3 assessment that this is bother great and poor news. I stand by my comment that the OO is a kick in the teeth for existing shareholders and if there is a restriction on how much can be given in an OO, then that should have been sorted at the AGM just 1 month ago!! It stinks that it hasn't been.

Also the strike price of 53p plus warrants is pure lining the greedy city boys pockets. Looking at how the SP has performed despite the dilution shows how far of the mark the placing price is. City boys are already looking at 34% profit and have warrants. It stinks !!

However as many have pointed out the benefits of getting the funds in place for FID are not to be sniffed at, FID will happen, and probably at the time SM suggested, November, as they'll be waiting on FIG. Much profit still to be had, but not as much as it should have been. Very disappointed in management as this raise isn't value for money given the strength of the project.

'IF' Rock have only allocated $9.2m in new shares to existing shareholders, and it might not include warrants, then that stinks and is a f**k you to existing SH's !! It works out to be 1 53p share for every 50 held. My biggest concern has always been the city boys coming in at the last moment to take a lot of the cream at the last minute, and so it seems. THAT SAID, Rock are still going to make a lot of money for SH's assuming FID is announced.

Hi Muchaboutmoney

I should point out re your post at 13:22 that there is no guarantee Rock will facilitate an OO for existing SH’s, there is also no guarantee there share will be at a discount to the current SP and also the last OO was a 1 for 8 offer. The amount is an estimate of £50m needed, but I feel it will be in that ball park.

I initially estimated they might issue 106m shares at 48p. How things have changed since the AGM. Today for £50m at say 65p, its only 78m shares, which would represent just an 11% dilution, to be fully funded for FID. Cant wait !

Hi LTT, yes now just in my 60's, and also a Leeds fan from the glory days of late 60's early70's.

The problem I, and perhaps others have if wanting to retire, is that might mean crystallising my Rock profits, but that means selling shares when the best is almost certainly still to come. Having sold a few recently makes me sleep better, even though I've 'paper lost' several £1000's as the SP keeps rising. However to hand in my notice and start drawing my pension, sensibly I should reduce holdings to approx 250k, which I'm reluctant to do. Its a dilemma.

At least you're still very much in the mix for the EOY 25 predictions that JEBR collected. I'll buy you a drink if you win 😁

Oilfieldhand 106

Nastynick 99.5

Tincan1995 99

Muchaboutmoney 92

Longtermthinker 91

Scottjr2 90

Stoney63 89.5

BuildersBum3 89

Offshorepilot 88

Mygainmyloss 87

Gardie 85

Kerching 84

LEEDS5 81

Taurus8 80

Bootledodger 79

JEBR 78.5

Buffit 78

Jackman444 77.5

Longtermholder98 77

Orbit10 76

Dictumdedicto 75.5

CJ1986 75

Tagg 74

Hsbilkhu 73

Mrs SpaceHoppa 72.5

JPDM 72

Tractorboy01 69

Fecm 68.5

Thenorseman 68

Cingene 67.5

Fin147 67

HonestTom 66

Unionjack1 65.5

Xmtman 65

Is now looming!! I've severely underestimated Rockhoppers share price strength this year and both regret selling some a few weeks back and am elated as well. I'm very much in retirement territory tho the prudent thing would be to await FID. There is always risk, even after FID however it is relatively small which is probably why the SP is flying in anticipation of this fledgling oil province being born.

Great to hear the stories of lost profits coming good after many a year.

Might look at dilution calculations later as assuming Sam wanted £50m, this is starting to look relatively insignificant. I do hope he manages to include all SH's whenever it does come along. 🦭

Thanks Schlemiel.

Planned Sea Lion Infrastructure. Heliport - Oct 2025. Accommodation – Hotel - November 2025

All pointing towards SM's November FID prediction

For the record I was not expecting us to be encamped in the 60's at this time, I thought 40's after hearing about estimated FID funding requirements. Also I think resistance and support lines are less important for Rock at this stage of their development, but if you are into them things then back in 2015 the SP had a messy journey up and down the 60's range for about 8 months, so in theory there isn't much in the 60's to stop a rise towards 70p. As for trend is your friend stuff, we are nearing the higher trend line but again, I wouldn't put too much faith in that either.

Be nice to see the insurance money in the bank and Shenny flowing, after that its a few months of waiting with baited breath to see if FIG finalise approvals, Navitas give any updates or Rock announce an equity raise which will signal FID is 'imminent'.

At the mo 🐧 are 62p on the bid,

Morning LTT, I'm not so sure Navitas will go hell for leather on Isobel, as they have enough on their plate being operator of SL, and it is possible SM was just talking up Isobel to keep investors appetite wet. If I was a betting man (which I obviously am investing on AIM :-) then I would say it less likley Isobel will be drilled before all of the SL wells have completed. However a drill or three around SL, as XZY suggested, or on Isobel, afterward SL drill and whilst the rig is down there, cannot be disounted.

ZYX098, thanks for posting your insights and views, much appreciated. One thing I would say you have wrong is the prospects of Isobel being drilled '2030 - 2 yrs after 1st oil'.

The CEO himself speculated that it was a possibility if they wanted a gap in the SL drills to evaluate progress. From Rocks position, dilution to fund their 35% of a couple of Isobel drills would be quite small. Navitas have a knack of raising money as required too so it's doable, even if imo, not preferable pre the SL oil field campaign.

At the AGM, SM said rightly imo, that all are 'laser focused' on getting SL into production, however he did say if there was a pause in-between drills to 'evaluate' the drilling campaign then it is possible they might drill Isobel. I would prefer that to be after ALL of SL's drills are complete, but if it was to happen I imagine Rocks SP will be a minimum of £1.

I'm not sure what 2 drills on Isobel would cost, may be $140m?? If that was the case, then Rock would need to issue less than 40m new shares. Might be worth a poke, but after SL drill please.

Really nice to hear of more and more LT investors get above breakeven and many now very much in profit. My rubicon was around 18p and those bad old days hanging around 7 to 13p seem a distant memory.

I don't think we have any new it's on board and the Rock website only lists only one, and no notifications of anyone else, so that's settled imo.

Morforus. That pink drink was definitely not my idea, and my mate chucked in and extra 4 vodka shots too 🤮

finally got around to check the meaning of 'triggered' as i was unfamiliar with it in this context.

'the lead insurer has confirmed that the loss has been triggered and, as a result, rockhopper is therefore confident it will receive the full €31 million amount to which it is entitled under the policy.'

from t'internet 'a coverage trigger refers to the exclusive event or mishap that initiates the payout to cover the insured's loss as per the policy-related terms stated in the liability policy.'

the fact the lead insurance company agrees 'the loss has been triggered' is very reassuring.

ps, i thought supra was a ****ney.

pps, bit of a resistance area historically is the low 60's but happy to consolidate around here until shenny news and money in bank rns

ppps a bit of mercopress coverage https://en.mercopress.com/2025/07/08/rockhopper-expects-31m-from-an-arbitration-dispute-with-italian-government?utm_source=feed&utm_medium=rss&utm_content=main&utm_campaign=rss&ct=t(rss_email_campaign)

Hi Supra, unless a super trader then holding tight certainly has been the best strategy since Dec. I suspect it will be going forward as well although we may have some swings along the way. So great to see, as I type, both the Bid and Ask in the 60's.

Confession time. My exit initial exit strategy was to sell small chunks every 5p rise up to 50p leaving me 400,000 to run to FID and beyond, but I scrapped that idea as too much good news was likely to happen. That said 500,000 is so very top heavy for me that I have let 10%/50k of my core holding go to some other investor, leaving me still with £250k+

This de risks my position slightly and with other money leaves me £44k in cash to participate in any OO we might be allowed to partake in, at which point Rocks SP will probably be higher, but even more certain to have SL project sanction. At that point I may get back my 50k feeling less concerned about my massively obese Rockhopper position.

I hope others are looking at strategies as well and obviously everyone's positions and decisions will be different.

Nikb, yes more shares mean less cake for you and I per share, however it also means FID is a virtual certainty, which would be great for the SP. Also the higher the SP rises, the less dilution there will be. Basically for every penny more on the equity raise SM can get, it means approx 3m less shares need issuing.

60pence + being paid, and sells very close to 60p recorded as well.