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Capex Phasing
end yr -2
end yr -1
end yr - 0
2014
-2
Production - Daily
Production - Annual
Production - Cumulative
kbopd
MMBO/yr
MMBO
Revenue
$M
Capex - Facilities
$M
Capex - Wells
$M
Capex - Total
$M
Interest
$M
Cum Interest
Capital Repayments
$M
Capital Repayments (Cum) $M
Opex (fixed and variable)
$M
Annual Cost
$M
Historical Costs
$M
Recovered
$M
Carried Over
$M
Royalty
$M
Revenue
$M
Cost Oil "surplus to Profit Oil"$M
Profit Oil
$M
Profit Oil Split
$M
Tax (Corporation)
$M
Net FOC
$M
Discount Factor
Discounted
$M
Annual Opex
Royalty
Tax
Net Profit (RKH)
Gov Revenue
Gov Revenue
$/bbl
$m
$m
$m
$m
%
PV $/bbl
NPV10 $/bbl
IRR %
DCF (Gross) $M
DCF(Net to RKH) $M
RKH - DCF/Share $
2015
-1
2016
0
2017
1
30
11.0
11
767
165.0
495.0
165.0
13.2
13
18
18
495.0
51.3
65
75
94
990.0
158.1
1,148.1
137.1
202
210
304
32
200
232
127
347
358
706
32
127
347
-127
-347
2023
7
49.1
17.9
151
1,417
1,204
474.2
474.2
158.3
223
280
584
259
698
948.4
948.4
211.7
434
409
993
310
931
179.0
614
442
1,435
387
1,007
143.7
757
477
1,911
387
1,007
105.5
863
483.3
2,395
356
945
66.9
930
427
2,822
330
824
63.9
994
241
3,062
308
612
75.9
1,069
169
3,231
289
534
1,403
69
1,403
120
282
-
200
1,012
1,012
208
1,092
1,092
347
Unrisked Risked
20.43
9.44
5.62
51.5%
2,273
1,352
2,273
1,352
11.84
7.04
7.64
4.54
1,500 $m
500 $k/day
40 $m/well
150 $m
7 $/bbl
6.9 $/bbl
6.6 $/bbl
182.5 $m/yr
7 $/bbl
2022
6
57.8
21.1
134
1,667
69.0
9%
3,500 bopd
15%
7.159 MMbo
240.8 MMbo
34 wells
5.9 wells
20,000 bwpd
85.85 MMbw/well
Full Void replacement
505.28 MMbw
2021
5
68.0
24.8
112
1,961
23.7
69.0
127
2020
4
80
29.2
88
2,307
94%
32
2019
3
80
29.2
58
2,219
-32
2018
2
50
18.3
29
15%
100%
7 yrs
1,332
Wells
depletion
Oil/well
Reserves
Wells - Producers
Wells Injectors
Subsea
Topside (lease)
Drilling
CALM Buoy
opex (excl FPSO)
CAPEX/bbl
Drillex
OPEX (Fixed)
Opex (variable)
1
2
3
4
5
6
7
8
9
10
11
12
200 $M
100%
70%
85%
5.00 $
1.55 $/
2027
11
25.6
9.4
200
2028
12
21.8
8.0
208
2029
13
18.5
6.8
215
2030
14
15.7
5.7
220
2031
15
13.4
4.9
225
2032
16
11.4
4.2
230
2033
17
9.7
3.5
233
2034
18
8.2
3.0
236
2035
19
7.0
2.6
239
2036
20
5.9
2.2
241
1,024
870
740
629
534
454
386
328
279
237
202
171
1,069
1,069
1,069
1,069
1,069
1,069
1,069
1,069
1,069
1,069
1,069
1,069
3,231
273
273
3,231
260
260
3,231
248
248
3,231
238
238
3,231
230
230
3,231
223
223
3,231
217
217
3,231
212
212
3,231
207
207
3,231
204
204
3,231
200
200
3,231
198
198
176
839
839
150
693
693
127
677
677
108
562
562
92
658
658
78
532
532
67
425
425
57
334
334
48
256
256
41
191
191
35
135
135
30
87
87
25
47
47
21
12
12
18
17
17
239
15
42
-
304
708
75%
534
328
764
67%
514
252
587
60%
353
208
485
54%
260
203
474
48%
227
169
393
43%
168
197
461
38%
176
160
372
34%
127
127
297
30%
90
100
234
27%
63
77
179
24%
44
57
133
22%
29
40
94
19%
18
26
61
17%
11
14
33
15%
5
4
9
14%
1
17
12%
2
42
11%
5
17.0
119.9
84
197
204.4
15%
13.3
199.7
304
708
503.3
23%
13.3
207.6
328
764
535.1
23%
14.4
176.5
252
587
428.2
22%
15.7
150.0
208
485
357.8
21%
17.2
127.5
203
474
330.5
23%
19.0
108.4
169
393
277.0
23%
21.1
92.1
197
461
289.6
28%
23.6
78.3
160
372
237.9
27%
26.5
66.6
127
297
194.0
26%
29.9
56.6
100
234
156.7
25%
34.0
48.1
77
179
125.0
23%
38.7
40.9
57
133
98.0
22%
44.3
34.7
40
94
75.1
19%
50.9
29.5
26
61
55.6
17%
58.7
25.1
14
33
39.1
14%
67.8
21.3
4
9
25.0
11%
78.5
18.1
17
18.1
9%
91.2
15.4
42
15.4
9%
$M
18,726
9,773
4,918
1,685
2,350
4,035
%
52.2%
26.3%
9.0%
12.5%
21.5%
Water
525
971
1,351
1,673
1,947
2,180
2,378
2,546
2,689
2,811
2,914
Cum Water
0.188
0.535
1.018
1.617
2.313
3.093
3.944
4.854
5.816
6.822
7.864
fluids
cum fluids
3,500
1.252
3,500
2.504
3,500
3.756
3,500
5.008
3,500
6.260
3,500
7.512
3,500
8.764
3,500
10.016
3,500
11.268
3,500
12.520
3,500
13.771
3,500
15.023
2037 Totals
21
241
18,726
1,650
1,581
3,231
1,207
6.85 $/bbl
6.57 $/bbl
13.42 $/bbl
3,231
84
197
84%
166
Revenue
Costs
RKH
Royalty - Gov
Tax - Gov
Total - Gov
yr
Historical Costs
Rockhopper Net Share
Technical Risk
Political Risk
WTI Discount
Exchange Rate
5,335
9,773
1,685
2,350
4,918
2,273
1,685
2,350
4,918
4,035
3,231 $M
259 $M
50%
1,615 $M
200 $M
120 $M
28%
192 million
245 million
213 m
320 $m
RKH Share Price (+ dilution) unrisked () : Discount Factor (%) vs WTI ($/bbl)
5.98
10%
11%
12%
13%
70
5.51
5.18
4.86
4.57
75
6.73
6.34
5.98
5.64
80
7.90
7.46
7.06
6.67
85
9.08
8.59
8.13
7.71
Lease ($k/day) RKH Share Price (+ dilution) risked () : Discount Factor (%) vs WTI ($/bbl)
600
3.56
10%
11%
12%
13%
9.60
70
4.25
3.99
3.74
3.52
8.54
75
5.18
4.88
4.60
4.34
7.49
80
6.09
5.75
5.43
5.14
6.44
85
6.99
6.62
6.26
5.94
RKH Share Price (dilution) risked
3.56
30%
35%
70
2.89
2.62
75
3.56
3.25
80
4.20
3.84
85
4.84
4.44