Edison Initiates Coverage on Rockhopper Exploration

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Jul 17, 2015, 04:43 ET

LONDON, July 17, 2015 /PRNewswire/ --

Edison Investment Research, a leading international investment research firm, announces the initiation of full coverage of Rockhopper Exploration

Highlights of the analysis on Rockhopper Exploration by Edison's oil & gas analysts Will Forbes and Ian McLelland are as follows:

Rockhopper (RKH) is a London-listed E&P with fully-funded development of Sea Lion, a 400mmbbl field in the Falklands. It also holds production, development and exploration assets in the Mediterranean.

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The 2012 farm-out to PMO secured RKH's financial position and put it in a rare group of fully-funded developers. Our core NAV (144p) is well above the share price, while RENAV including the Isobel Deep complex, its two upcoming Falkland wells (Chatham and Jayne East) and Faseto in Italy increases further. Of these, we are most interested in the results of any future Isobel drilling (timing yet to be firmed up) that could de-risk a complex, which is potentially as large as Sea Lion, and unlock further value. Our analysis indicates core NAV growth of around 20%, promising strong returns for investors.

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About Edison: Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals works with leading companies, fund managers and investment banks worldwide to support their capital markets activities. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority (http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584).

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact:
Will Forbes Edison Investment Research +44(0)20-3077-5749
Ian McLelland Edison Investment Research +44(0)20-3077-5756
[email protected]

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SOURCE Edison Investment Research