Rockhopper Exploration PLC (GB:RKH)
LSE:RKH
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Rockhopper Exploration
(LSE:RKH)
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Rating:46Neutral
Price Target:
71.00 p
▼(-10.92% Downside)
Action:Reiterated
Date:06/06/26
The score is held down primarily by very weak and inconsistent operating performance (negligible revenue and recurring operating losses) and bearish technicals (below key moving averages with negative MACD and depressed RSI/Stoch). Positive operating/free cash flow in 2024–2025 and a reasonably equity-backed balance sheet provide partial support, but rising leverage and volatile fundamentals keep the overall rating low.
Positive Factors
Balance sheet resilience
A materially expanded equity base into 2024–2025 provides a durable financial buffer versus peers and supports flexibility for project funding or absorbing delays. Moderate debt levels relative to equity mean the company retains capacity to raise capital or withstand shocks over the next several months.
Negative Factors
Weak operating performance
Negligible recurring revenue and consistent operating losses reflect a structurally weak core business until Sea Lion reaches production. Persistent lack of operating revenue makes the company's fundamental earnings profile fragile and constrains reinvestment capacity absent asset monetization or legal receipts.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet resilience
A materially expanded equity base into 2024–2025 provides a durable financial buffer versus peers and supports flexibility for project funding or absorbing delays. Moderate debt levels relative to equity mean the company retains capacity to raise capital or withstand shocks over the next several months.
Read all positive factors
Rockhopper Exploration (RKH) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£601.19M
Dividend YieldN/A
Average Volume (3M)2.52M
Price to Earnings (P/E)―
Beta (1Y)0.70
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees9
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)-0.07
Shares Outstanding862,228,900
10 Day Avg. Volume1,963,914
30 Day Avg. Volume2,516,693
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)1.76
Price to Sales (P/S)0.00
P/FCF Ratio25.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£130.00Price Target Upside63.11% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)N/A
Rockhopper Exploration Business Overview & Revenue Model
Company Description
Rockhopper Exploration plc is an oil and gas firm primarily focused on discovering and extracting hydrocarbons, with its main operations based in the United Kingdom. The company conducts exploration, evaluation, and development of its oil and gas ...
How the Company Makes Money
Rockhopper’s economics are primarily tied to (1) potential upstream oil and gas value from its interest in the Sea Lion project and (2) potential cash receipts linked to legal/arbitration-related outcomes. For Sea Lion, the company’s ability to ge...
Rockhopper Exploration Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 652.00K | 839.00K |
| Gross Profit | -92.91K | -107.70K | -870.00K | -1.31M | -302.00K |
| EBITDA | -10.12M | -3.48M | -5.84M | 562.00K | -5.00M |
| Net Income | -40.51M | 47.61M | -4.55M | 35.55M | -7.76M |
Balance Sheet | |||||
| Total Assets | 550.95M | 355.54M | 267.25M | 264.46M | 258.28M |
| Cash, Cash Equivalents and Short-Term Investments | 171.11M | 20.88M | 7.99M | 9.79M | 4.82M |
| Total Debt | 52.51M | 15.35M | 246.00K | 553.00K | 1.13M |
| Total Liabilities | 203.61M | 107.16M | 67.13M | 63.99M | 103.76M |
| Stockholders Equity | 347.34M | 248.38M | 200.12M | 200.47M | 154.52M |
Cash Flow | |||||
| Free Cash Flow | 23.77M | 9.55M | -5.70M | -4.35M | -6.06M |
| Operating Cash Flow | 23.82M | 11.38M | -4.41M | -2.55M | -2.58M |
| Investing Cash Flow | 910.71K | -16.38M | 3.24M | -10.49M | -3.58M |
| Financing Cash Flow | 134.25M | 2.20M | 3.55M | 9.32M | -587.00K |
Rockhopper Exploration Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | £967.63M | -18.79 | -9.06% | 9.30% | -20.00% | -154.63% | |
58 Neutral | £395.93M | 33.51 | 3.18% | 8.66% | 5.77% | 100.39% | |
54 Neutral | £434.56M | 237.79 | 0.54% | 4.36% | -13.35% | -104.39% | |
50 Neutral | £143.45M | -21.27 | -11.54% | ― | -10.76% | 88.89% | |
50 Neutral | £209.50M | -38.63 | -1.85% | ― | ― | 64.58% | |
46 Neutral | £601.19M | -18.51 | -17.25% | ― | ― | ― |
* Energy Sector Average
GB:RKH
Rockhopper Exploration
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42.86%
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Rockhopper Exploration Corporate Events
Executive/Board ChangesFinancial DisclosuresShareholder Meetings
Rockhopper files 2025 report and proposes new board appointments
Positive
Jun 5, 2026
Rockhopper Exploration has published its Annual Report and Accounts for the year ended 31 December 2025 on its website and is mailing hard copies to shareholders who requested them. The company has also called its 2026 Annual General Meeting for 3...
Business Operations and StrategyFinancial DisclosuresLegal ProceedingsPrivate Placements and Financing
Rockhopper secures Sea Lion funding and sanctions Phase 1 as cash position surges
Positive
Jun 3, 2026
Rockhopper Exploration, a UK-based oil and gas producer with key interests in the North Falkland Basin, has sanctioned development of its flagship Sea Lion field and strengthened its financial position. The company ended 2025 with $179 million in ...
Business Operations and StrategyFinancial DisclosuresLegal ProceedingsPrivate Placements and Financing
Rockhopper secures funding and sanctions Sea Lion as Falklands project enters full development
Positive
Jun 3, 2026
Rockhopper has moved its flagship Sea Lion field in the North Falkland Basin into full development, sanctioning Phase 1 after securing a US$1 billion senior debt package and completing heavily subscribed equity raises totaling about US$151 million...
Business Operations and Strategy
Rockhopper Reports Sea Lion Progress as FPSO Plan Expands
Positive
May 20, 2026
Rockhopper Exploration has highlighted progress at the Sea Lion oil development in the North Falkland Basin, operated by Navitas Petroleum. The first two phases will use the Aoka Mizu FPSO with capacity of 55,000 barrels per day, while a new memor...
Business Operations and StrategyRegulatory Filings and Compliance
Rockhopper Updates Share Capital After Employee Option Exercise
Neutral
May 1, 2026
Rockhopper Exploration has issued 850,000 new ordinary shares following the exercise of employee share options, using its existing block listing facility, marginally increasing its share count. The move reflects routine equity-based remuneration a...
Regulatory Filings and Compliance
Rockhopper updates share capital after employee option exercise
Neutral
May 1, 2026
Rockhopper Exploration has issued 850,000 new ordinary shares of 1 pence each following the exercise of employee share options, using its existing block listing facility. The move results in a total issued share capital of 862,228,880 ordinary sha...
Business Operations and StrategyFinancial Disclosures
Rockhopper books over 100m barrels of 2P reserves at Falklands Sea Lion field
Positive
Apr 2, 2026
Rockhopper Exploration has published an updated independent reserves and resources evaluation for its Sea Lion field, confirming overall gross resource volumes are broadly unchanged from mid-2025. The new report, prepared by Netherland, Sewell As...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.