# Half-year Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd Original source: https://www.londonstockexchange.com/news-article/RKH/half-year-report/17811488 Publisher: lse Original announcement: 2026-09-30T05:00:06.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T07:05:41.847Z Atlas analysis updated: 2026-09-30T07:05:41.847Z - Company: Rockhopper Exploration plc - Ticker: RKH - Exchange: LSE - Region: North Falkland Basin - Primary commodity: Oil - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-30 07:05:42 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Rockhopper Exploration plc announced its half-year results for H1 2026, highlighting a significant increase in its Sea Lion oil reserves and resources following an updated independent report. The company reported a US$0.79 billion increase in post-tax NPV10 for its 2P+2C resources, driven by the sanctioning of the NDA 1 project, the acceleration of the Central Development Area \(CDA\) with the purchase of a second FPSO, and a successful US$200 million capital raise. The company is now fully funded to mid-2028, targeting first oil from NDA 1 in Q1 2028. Reasoning: Rockhopper Exploration reported a substantial increase in its Sea Lion oil reserves and resources, driven by accelerated development plans and a successful capital raise, positioning the company well for future production and value creation. - Positive factor: Significant increase in 2P+2C NPV by US$0.79bn - Positive factor: NDA 1 project sanctioned and fully funded - Positive factor: FPSO purchased for Central Development Area \(CDA\) to accelerate development - Positive factor: Successful US$200 million capital raise, funding to mid-2028 - Positive factor: Extension of offshore hydrocarbons production licences - Negative factor: Italian disposal still pending regulatory approvals - Negative factor: Geopolitical risks from Argentine government comments Facts used in scoring: 35 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The New NSAI Report shows that overall gross reserve and resource volumes have increased compared to the previous evaluation. Evidence · text > The New NSAI Report shows that overall gross reserve and resource volumes and Net Present Values have increased when compared with the Company’s previous independent reserve and resource evaluation **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The New NSAI Report shows that overall gross reserve and resource volumes have increased compared to the previous evaluation, leading to higher contained metal. Evidence · text > The New NSAI Report shows that overall gross reserve and resource volumes and Net Present Values have increased when compared with the Company’s previous independent reserve and resource evaluation **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The report was prepared by Netherland, Sewell & Associates, Inc \(NSAI\), an independent reserve and resource evaluator. Evidence · text > Netherland, Sewell & Associates, Inc \(“NSAI”\) prepared new Sea Lion Independent reserve and resource report **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an 'Updated Sea Lion Independent Reserves and Resources Report'. Evidence · text > Updated Sea Lion Independent Reserves and Resources Report **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The increase in post-tax Rockhopper NPV10 at the 2P + 2C level from US$2.16bn to US$2.95bn indicates an overall improvement in the confidence and value of the resource base. Evidence · text > increase in post-tax Rockhopper NPV 10 of US$0.79bn at the 2P + 2C level from US$2.16bn to US$2.95bn\* **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The contingent resources are reported with 'Low Estimate \(1C\)' which is typically classified as inferred. Evidence · table > Low Estimate \(1C\) MMBBL Context: Development Pending **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The contingent resources are reported with 'Best Estimate \(2C\)' and 'High Estimate \(3C\)' which are typically classified as indicated. Evidence · table > Best Estimate \(2C\) MMBBL Context: Development Pending **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The report includes 'Proved Undeveloped \(1P\)' reserves. Evidence · table > Proved Undeveloped \(1P\) Context: Proved Undeveloped \(1P\) **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The report includes 'Probable' reserves. Evidence · table > Probable Context: Probable **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The resource and reserve report does not disclose any cut-off grades for the oil volumes. Evidence · text > A summary of the key information from the New NSAI Report \(oil only\) is provided below: ## Extracted facts Stored fact records: 35. Some facts used in scoring do not have a stored record. ## Resource Estimates (35) ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-0) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Resource group id: resource:262c1e51ca142b34d3b8 - Deposit or zone: NDA Phases 1 and 2 - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: proven - Contained Metal: 231.7 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company reports a substantial volume of proved undeveloped oil reserves, indicating a strong foundation for future production. - Positive factor: Significant proved undeveloped reserves for the project Evidence · table > 231.7 Context: Proved Undeveloped \(1P\) #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-1) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Resource group id: resource:262c1e51ca142b34d3b8 - Deposit or zone: NDA Phases 1 and 2 - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: proven - Contained Metal: 81.1 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable proved undeveloped reserves are substantial and contribute significantly to the project's overall valuation. - Positive factor: Significant attributable proved undeveloped reserves - Positive factor: High NPV10 for this category Evidence · table > 81.1 Context: Proved Undeveloped \(1P\) #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-2) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Resource group id: resource:896c0dffd8a0ea814de4 - Deposit or zone: NDA Phases 1 and 2 - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Contained Metal: 82.5 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The reported probable reserves add to the project's total resource base, indicating further potential for development. - Positive factor: Additional probable reserves contribute to overall resource base Evidence · table > 82.5 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-3) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Resource group id: resource:896c0dffd8a0ea814de4 - Deposit or zone: NDA Phases 1 and 2 - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: probable - Contained Metal: 28.9 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's share of probable reserves provides additional value and future development potential. - Positive factor: Attributable probable reserves add to the company's valuation Evidence · table > 28.9 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-4) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Resource group id: resource:896c0dffd8a0ea814de4 - Deposit or zone: NDA Phases 1 and 2 - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: probable - Contained Metal: 314.2 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The combined proved and probable gross reserves highlight the substantial scale of the Sea Lion project. - Positive factor: Large 2P gross reserves indicate significant project scale Evidence · table > 314.2 Context: Proved + Probable \(2P\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-5) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Resource group id: resource:896c0dffd8a0ea814de4 - Deposit or zone: NDA Phases 1 and 2 - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: probable - Contained Metal: 110 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable 2P reserves are a key value driver for the project, supported by a strong NPV10. - Positive factor: Significant attributable 2P reserves with a high NPV10 Evidence · table > 110.0 Context: Proved + Probable \(2P\) #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### NDA Phases 1 and 2 [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-6) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Resource group id: resource:2da0cb60b6b5c2bb7876 - Deposit or zone: NDA Phases 1 and 2 - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Contained Metal: 93.9 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The inclusion of possible reserves indicates additional long-term potential, though with lower confidence. - Positive factor: Additional possible reserves provide further upside potential Evidence · table > 93.9 Context: Possible #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### NDA Phases 1 and 2 [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-7) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Resource group id: resource:2da0cb60b6b5c2bb7876 - Deposit or zone: NDA Phases 1 and 2 - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Contained Metal: 32.9 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's share of possible reserves contributes to the overall project value, albeit with higher uncertainty. - Positive factor: Attributable possible reserves add to the company's future value Evidence · table > 32.9 Context: Possible #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### NDA Phases 1 and 2 [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-8) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Resource group id: resource:2da0cb60b6b5c2bb7876 - Deposit or zone: NDA Phases 1 and 2 - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Contained Metal: 408.2 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total 3P gross reserves demonstrate the extensive potential of the Sea Lion project over the long term. - Positive factor: Very large 3P gross reserves indicate significant long-term potential Evidence · table > 408.2 Context: Proved + Probable + Possible \(3P\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### NDA Phases 1 and 2 [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-9) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: reserve - Reporting standards: other - QP Signed: Yes - Resource group id: resource:2da0cb60b6b5c2bb7876 - Deposit or zone: NDA Phases 1 and 2 - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Contained Metal: 142.9 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable 3P reserves represent significant long-term value and potential for the project. - Positive factor: Substantial attributable 3P reserves with a strong NPV10 Evidence · table > 142.9 Context: Proved + Probable + Possible \(3P\) #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-10) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:9b7feb2bcbbfbd4e581e - Deposit or zone: Development Pending - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 264.2 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Large gross contingent resources are identified for development, indicating future growth potential for the project. - Positive factor: Significant gross contingent resources pending development Evidence · table > 264.2 Context: Development Pending #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-11) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:646771830fa7ebb39862 - Deposit or zone: Development Pending - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Contained Metal: 461.8 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The best estimate of gross contingent resources for development is significant, providing a strong basis for future planning. - Positive factor: Substantial gross contingent resources with higher confidence for development Evidence · table > 461.8 Context: Development Pending #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-12) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:646771830fa7ebb39862 - Deposit or zone: Development Pending - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Contained Metal: 608.4 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The high estimate of gross contingent resources for development suggests considerable upside potential for the project. - Positive factor: High estimate of gross contingent resources for development indicates significant upside Evidence · table > 608.4 Context: Development Pending #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-13) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:b6f22bb99e69f331726a - Deposit or zone: Development On Hold - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 65.2 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Contingent resources with development on hold represent future potential, but with current uncertainties. - Positive factor: Additional gross contingent resources identified, albeit with development on hold Evidence · table > 65.2 Context: Development On Hold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-14) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:7e1c0795f46b35692b7a - Deposit or zone: Development On Hold - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Contained Metal: 131.3 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The best estimate of gross contingent resources with development on hold contributes to the project's overall long-term potential. - Positive factor: Best estimate of gross contingent resources on hold adds to long-term potential Evidence · table > 131.3 Context: Development On Hold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-15) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:7e1c0795f46b35692b7a - Deposit or zone: Development On Hold - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Contained Metal: 222.5 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The high estimate of gross contingent resources with development on hold suggests additional upside potential for the project. - Positive factor: High estimate of gross contingent resources on hold provides further upside Evidence · table > 222.5 Context: Development On Hold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-16) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:7ca73f9bbc1ece296bc3 - Deposit or zone: Development Not Viable - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 11.6 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: These contingent resources are currently considered not viable for development, limiting their immediate impact. - Negative factor: Resources currently deemed not viable for development Evidence · table > 11.6 Context: Development Not Viable #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-17) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:a4065a7cb2a381b2a37a - Deposit or zone: Development Not Viable - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Contained Metal: 33 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The best estimate of gross contingent resources currently not viable for development has limited immediate economic impact. - Negative factor: Resources currently deemed not viable for development Evidence · table > 33.0 Context: Development Not Viable #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-18) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:a4065a7cb2a381b2a37a - Deposit or zone: Development Not Viable - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Contained Metal: 95.3 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The high estimate of gross contingent resources currently not viable for development has limited immediate economic impact. - Negative factor: Resources currently deemed not viable for development Evidence · table > 95.3 Context: Development Not Viable #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-19) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:97fa395bbd039a48a2d6 - Deposit or zone: Total Contingent Resources - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Contained Metal: 341 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total low estimate of gross contingent resources indicates substantial overall potential for the project. - Positive factor: Significant total gross contingent resources identified Evidence · table > 341.0 Context: Total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-20) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:e9616882ffdb43b03b69 - Deposit or zone: Total Contingent Resources - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Contained Metal: 626.1 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total best estimate of gross contingent resources is very large, providing a strong basis for future development. - Positive factor: Very large total gross contingent resources with higher confidence Evidence · table > 626.1 Context: Total #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-21) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:e9616882ffdb43b03b69 - Deposit or zone: Total Contingent Resources - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Contained Metal: 926.3 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total high estimate of gross contingent resources suggests immense upside potential for the project. - Positive factor: Extremely large total gross contingent resources indicate significant upside potential Evidence · table > 926.3 Context: Total #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-22) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:9b7feb2bcbbfbd4e581e - Deposit or zone: Development Pending - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: inferred - Contained Metal: 92.4 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable low estimate of contingent resources for development has a high NPV10, indicating strong future value. - Positive factor: Significant attributable contingent resources pending development with a strong NPV10 Evidence · table > 92.4 Context: Development Pending #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-23) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:646771830fa7ebb39862 - Deposit or zone: Development Pending - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: indicated - Contained Metal: 161.6 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable best estimate of contingent resources for development has a very high NPV10, indicating significant future value. - Positive factor: Substantial attributable contingent resources with high confidence and very strong NPV10 Evidence · table > 161.6 Context: Development Pending #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-24) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:646771830fa7ebb39862 - Deposit or zone: Development Pending - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: indicated - Contained Metal: 212.9 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable high estimate of contingent resources for development has an extremely high NPV10, indicating substantial future value. - Positive factor: Very large attributable contingent resources with high confidence and extremely strong NPV10 Evidence · table > 212.9 Context: Development Pending #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-25) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:b6f22bb99e69f331726a - Deposit or zone: Development On Hold - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: inferred - Contained Metal: 22.8 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable low estimate of contingent resources with development on hold represents future potential. - Positive factor: Attributable contingent resources identified, though development is on hold Evidence · table > 22.8 Context: Development On Hold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-26) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:7e1c0795f46b35692b7a - Deposit or zone: Development On Hold - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: indicated - Contained Metal: 46 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable best estimate of contingent resources with development on hold contributes to long-term potential. - Positive factor: Attributable contingent resources on hold add to long-term potential Evidence · table > 46.0 Context: Development On Hold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-27) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:7e1c0795f46b35692b7a - Deposit or zone: Development On Hold - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: indicated - Contained Metal: 77.9 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable high estimate of contingent resources with development on hold suggests additional upside potential. - Positive factor: High estimate of attributable contingent resources on hold provides further upside Evidence · table > 77.9 Context: Development On Hold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-28) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:7ca73f9bbc1ece296bc3 - Deposit or zone: Development Not Viable - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: inferred - Contained Metal: 4.1 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable low estimate of contingent resources currently not viable for development has limited immediate impact. - Negative factor: Attributable resources currently deemed not viable for development Evidence · table > 4.1 Context: Development Not Viable #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-29) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:a4065a7cb2a381b2a37a - Deposit or zone: Development Not Viable - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: indicated - Contained Metal: 11.5 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable best estimate of contingent resources currently not viable for development has limited immediate impact. - Negative factor: Attributable resources currently deemed not viable for development Evidence · table > 11.5 Context: Development Not Viable #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-30) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:a4065a7cb2a381b2a37a - Deposit or zone: Development Not Viable - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: indicated - Contained Metal: 33.4 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company's attributable high estimate of contingent resources currently not viable for development has limited immediate impact. - Negative factor: Attributable resources currently deemed not viable for development Evidence · table > 33.4 Context: Development Not Viable #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-31) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:97fa395bbd039a48a2d6 - Deposit or zone: Total Contingent Resources - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: inferred - Contained Metal: 119.3 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total low estimate of attributable contingent resources indicates substantial overall potential for the company. - Positive factor: Significant total attributable contingent resources identified Evidence · table > 119.3 Context: Total #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-32) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:e9616882ffdb43b03b69 - Deposit or zone: Total Contingent Resources - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: indicated - Contained Metal: 219.1 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total best estimate of attributable contingent resources is very large, providing a strong basis for future development for the company. - Positive factor: Very large total attributable contingent resources with higher confidence Evidence · table > 219.1 Context: Total #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-33) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:e9616882ffdb43b03b69 - Deposit or zone: Total Contingent Resources - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: indicated - Contained Metal: 324.2 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The total high estimate of attributable contingent resources suggests immense upside potential for the company. - Positive factor: Extremely large total attributable contingent resources indicate significant upside potential Evidence · table > 324.2 Context: Total #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-report--410d413b-8a28-4c99-b1ba-d896ec261afd#fact-resource-facts-34) Sea Lion field · oil #### Identity - Project: Sea Lion field - Commodity: oil - Region: north falkland basin - Reported Region: North Falkland Basin - Ticker: RKH #### Resource scope - Estimate type: resource - Reporting standards: other - QP Signed: Yes - Resource group id: resource:adb5842dbc7ee06f1983 - Deposit or zone: Sea Lion 2P Reserves + 2C Contingent Resources - Ownership percent: 35 % - Resource basis: attributable #### Resource Data - Category: probable - Contained Metal: 329.1 - Contained Unit: mmbbl #### Prior Estimate - Resource Date: 2026-07-31 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The combined 2P reserves and 2C contingent resources show a substantial increase in NPV10, indicating a significant enhancement in project value for Rockhopper. - Positive factor: Significant increase in combined 2P+2C NPV10 by US$0.79bn - Positive factor: Strong overall valuation for the company's interest Evidence · text > increase in post-tax Rockhopper NPV 10 of US$0.79bn at the 2P + 2C level from US$2.16bn to US$2.95bn\* #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.