RKH

Rockhopper Exploration PLC

Energy First-pass screen £731m

300/1000 Overall fit

AI beneficiary 35% 10

Operating leverage 25% 55

Valuation 25% 30

Downside protection 15% 38

First-pass take

Pre-revenue oil & gas exploration company with 35% stake in Sea Lion development (Falkland Islands), entirely dependent on commodity prices and discretionary FID sanction (H2 2025 target). Zero AI strategy; material tail risks include $22.3m recognized tax liability and uncertain equity requirement for FID.

Flags

oil-and-gaspre-revenuefid-contingenttax-disputecapital-intensive