http://www.falklands-oil.com/

http://www.rockhopperexploration.co.uk

http://www.argosresources.com/




Rockhopper was established in 2004 with a strategy to invest in and undertake an offshore oil exploration programme in the North Falkland Basin. It was floated on AIM in August 2005. Rockhopper was the first company to make a commercial oil discovery in the Falklands. Today Rockhopper is the largest acreage holder in the North Falkland Basin, with interests in the Greater Mediterranean region.

we all bend ears to get ahead.....level 2 looking for another step up

Glad I held my nerve & didn't sell at the bottom of the dip. Presumably this level (480-490) shows fair value atm?

I should hear news just after AGM tom......lots of news to come......wish they would hurry up with news on the upgrades of Sea Lion.

Well the meeting is underway .....Waiting for news..... nothing on Twitter like Unite union meetings!!!
sp dropping away and some mediocre mutterings on Sharecast

"There will no doubt be a lot of back slapping at Rockhopper Exploration's annual meeting later today as shareholders hear how the group's stock has put on a remarkable 786.9 per cent in the last 6 months. But Rockhopper is still a small cap and will attract a disproportionate number of naysayers as a result. Hold, says the Independent."

The last bit will please Pros!

Result of AGM

Calm down everyone this is my share of the year.

given by non-reaction of sp and no comment here either, i assume agm was a bit of a damp quib

.

They always are....waste of time going to them (not that I've ever been to any, just guessing).....the news is never then, they only talk about what has been....it's the rns's to come that should be interesting....

I love AGM's especiaaly when they are held in a brewery.

Whitbread and such.....good idea...cheers.....

Youngs used to be good!

Anyone at the AGM? Was the questioned raised re upgrades and/or likely timeframe for next rns and if so what was the respone?

Smiles all round at Rockhopper's AGM

As Journey's feel good tune "Don't stop believing" blasted from loudspeakers at Rockhopper Exploration's (RKH) annual general meeting, it was clear that this was a company revelling in its success.


Hoards of shareholders lined the street outside the Gibson Hall London to take part in this feted event and catch a glimpse of the management team steering the company to black gold riches.


As the board of directors filed onto the stage against a backdrop of glistening chandeliers and a glossy slide show of its operations, row after row of attendees burst into rapturous applause.


"Last year we had four attendees, this year I think we have considerably more," chairman Dr Pierre Jungels joked before his captivated audience.


But then last year, AIM-listed Rockhopper did not have the lucrative Sea Lion discovery in the Falkland Islands to its name.


The company watched its shares shoot up when it struck oil in May and rise again 50% this month alone on a successful well test.


Chief executive Sam Moody told the audience he was "delighted" that the first ever discovery on the North Falkland Basin proved much more attractive that pre-drill estimates had initially suggested.


The question now is... just how big might it be?


"When we drilled we encountered greater net pay than anticipated and have since upgraded our recoverable oil estimates to 242 million barrels from the earlier 170 million," Moody said.


While he acknowledged that the company could only determine the full extent of oil present through drilling more wells, he noted that good results to date lead it to believe that it will "encounter thicker reservoir and higher flow rates going forward."


"There is a huge amount still to go for here," he boomed to his enchanted audience.


He was quick to quash fears that the political dispute between Argentina and Britain over the sovereignty of the Falkland Islands could mar its campaign.


"Our success has been solely supported through the UK with no input from Argentina and this will continue to be the way."


Rockhopper is now evaluating different ways of filling its coffers to fund its ongoing exploration programme, but was quick to assure its shareholders that their interests would be very carefully considered in any of the options.


One shareholder David Richards rose to ask the question about whether a potential farm-in with a major might suffer from resistance and problems in light of BHP Billiton's (BLT) recent decision to withdraw from southern licences.


The answer was a resounding "No".


Others questions from the audience ranged from the obligatory rig availability (Rockhopper is currently discussing options to permanently retain the Ocean Guardian rig in the Falklands) to the downright inane regarding a number plate P50 RKH possibly for sale, and bringing with it much laughter from the audience and board alike.


Perhaps inevitably, the question of safety cropped up given BP's (BP-) devastating Gulf of Mexico oil spill to which the chairman chimed: "For the past 40 years, 99.9% of offshore wells have been developed without trouble.


"We have a good team of people managing the rig and the drilling and we work to the highest standards and we are proud of our record so far."


Its greatest fear, it said, was the possibility of another financial dip in the markets which could affect its ability to raise funding - this Dr Pierre Jungels noted, was far more of a worry than any geological or political questions.


But there was little sign of worry etched onto the faces of its loyal shareholders who promptly passed all of the company's resolutions. This included the re-election of ex-easyJet (EZJ) finance director Chris Walton, prompting the chairman to joke that clearly no one had flown with the airline.


As the meeting drew to a close, shareholders once more applauded the team of men before them who have transformed Rockhopper's fortunes.


And in the words of Journey, "Oh the movie never ends, it goes on and on and on and on."

From iii

Hi All

I've just come out of the much anticipated RKH AGM and wanted to give my account of what I saw and a conclusion of what was said.

Before people start launching into criticisms the views expressed below are my own opinions of what I saw and reserve the judgement to be wrong! Also I was not wanting to go to the AGM to miraculously find a P10 upgrade. I wanted to see the body language, atmosphere, aura and general demeanour of the people who are in charge of MY capital.

When I arrived there was a queue outside and seemed there was a plethora of investors ranging from all demographics. Old, young and the inbetweeners. It seemed RKH had captured the imagination of a fair few people within the investing fraternity.

Once we had made our way through check in we were led to the Main Hall. Upon arrival seating had been arranged for around 400 people however by my estimation it was probably closer to 200.

The BOD arrived and were treated to a rapturous applause. PJ welcomed everyone and stated rather humorously that last year they had 4 shareholders and this time round they had over 200 and so something must have gone well. He then outlined the agenda stating there was going to be a slideshow presentation, SM and then PJ to make some comments, questions from the shareholders and then the regulatory stuff.

The opening slideshow presentation was awe inspiring to say the least. As a relatively novice PI we forget the work put in by the great skills of the riggers on board the OG and the risks they face in finding black gold. Seeing those pictures was amazing, the OG in it's full glory with all those brave men on board, you guys are the nut's! The slideshow really made the hairs on your back stand up.

After this positive opening the chairman PJ announced the full time appointments of the FD and Exploration Director. Might I add at this point what a charismatic and charming man that PJ appeared to be.

SM then took centre stage and proceeded with the opening sentence and an apology to all the technical oilies in the audience that he was going to give a non-technical presentation. Perfect for the likes of me! He stated that it had been a 'pretty decent' year thus far and that the Sea Lion (SL) discovery was 'exciting for us' due to the 'size feature'.

He then went on to discuss the SL fans encountering charged sands. He stated that at this stage he didn't know much of these sands were fully charged and that appraisal wells would further provide proof. At this stage he did rather positively state how big it could possibly be and the upside is 'very significant'.

Rather intriguingly SM then went on to talk about the recoverable estimates provided by RPS. He stated there had been a considerable 'disagreement' between RPS and RKH over the low estimate and recoverable. From this I could gather that RKH wanted a bigger banked minimum from RPS which they were unwilling to provide at this stage. He made a brief comment on the disagreement then went to say 'that's all I have to say on that'.

Then SM outlined the possible future which is available on the RKH website which I won't list, DYOR. He also stated at the end of his speech that there is nothing to suggest that this will be a difficult oil field to produce from.

PJ then took centre stage and brought up the fantastic chart that was entitled Value Creation and my god what a masterpiece this was. Check it out on the RKH website. This graph really encapsulated the fact that we are at the very beginning with production being the end goal. PJ also stated that post appraisal would be the best time for a main FTSE listing adding that they could get to FTSE 250 now however would have to jump through to many technicalities. Would rather wait, firm things up and then move.

After PJ had finished questions were then invited by the floor. I'll summarise a few. Question about Ernest- plenty of potential, encountered good flows, and wrong to scrap Southern part of NFB.

Question about permeability of SL and in earlier RNSs it was mentioned and nothing since- waiting for further info (I would imagine given when upgrade is announced). Question about rigging slots - 2 slots still available after DESs 2 spuds and SM did allude that it very much depended on Rachael however couldn't see any problem having one of these slots with or without Rachael's success. They were 'partners' after all.

Question to DB about waxy oils- no problem at all, PJ stated that during flow testing it was a slight issue however owing to limited resources.

Question about big risks facing RKH- only financial risks regarding general state of markets, NONE from A geological or political sense. This was very powerful.

Question about CPR upgrade- SM joked, sometime this year! So there will be one hey Sam?

Question about SL being a standalone field- due to size of SL don't anticipate this being a problem.

My fellow Rockhopper's I've tried to give an accurate and realistic account of today's AGM for those of you who couldn't make it. I'm sure other attendee's will also give their account.

Long and short of this is it was presented in a very positive manner, a relaxed state however mindful of letting on too much. I for one believe RKH has a great future and is going to provide financial security for all those who come across this company.

Kindest Regards

DP

RF,

Agms are valuable more on what is not said than what is. I think we will have to wait until we see a few reports from attendees to decide if it was worthwhile or not. Todays sp it purely down to there being no RNS. Punters are expecting too much in too short a time. Some must think the well testing being conducted is as simple as a litmus paper test, turns red if the oil is good, blue if it ain't.
Patience is required.

Another view point taken from iiii


Firstly, Ive only seen a few snippets from this bb since I got back from the AGM but its amazing how so many people that were at the AGM hearing the same thing, can translate it in so many different ways! This is my take on the proceedings. I neither aim to ramp up or down what Ive heard, but Im documenting it how I heard it. People who werent there will unfortunately have to decide which reports to believe or not believe!

Gibson Hall was a good venue. Dr Pierre Jungels commented how last year literally only 4 shareholders turned up, so its amazing how much things can change in a year!

The presentation was in two main parts. The first by Dr Pierre Jungels and the second by Mr Sam Moody. I was impressed by both presenters but it was very clear to me Dr Pierre Jungels has a deep-rooted understanding of this business, and at times, he was struggling to contain his excitement about the potential of Rockhopper.

There are a number of changes at board level but Im assuming that has all been covered off by the RNS so I wont go into that.

The key points that I picked up on were as follows:

1) The whole team are very excited by Sealion. Dr Pierre Jungels commented that in the unlikely event that Sealion was a stand-alone discovery, it would still be commercial. Even at considerably lower oil prices.
2) New CPR in progress to be released anytime before the end of the year. From the tone, my take on that was that well find out anytime within the next 2 V 4 weeks. The board believes there is SERIOUS UPSIDE POTENTIAL to the existing figures.
3) Currently in discussions about carrying out more 3d seismics on the area south of Sealion and north of Rachel.
4) They were surprisingly upbeat about Ernest. Id more or less written that one off, but they said that work was on-going to analyse the results of Ernest, and that on the basis that Ernest contained a high quality reservoir, they think that area of the basin is far from dead.
5) Dr Pierre Jungels emphasised a couple of times the significance of the fact that every sand encountered in Sealion was charged with oil and that despite drilling 217m into Sealion, no water contact had been found. They really are excited by that.
6) When asked about future risks, they saw both the geological and the political risks as being low which I found interesting. The big risk to them was if there was another downturn in the financial world as that would then make the process of securing future funding significantly harder.
7) They again confirmed that the flow test (whilst successful) did not go quite to plan. Only two of the guns fired and they also didnt have the necessary equipment to carry out a proper test. That will be addressed during future flow tests on other drills. They would see the eventual flow rate in a production environment being well in excess of the 4000 bopd that has been specified thus far.
8) All funding options are currently being considered. Nothing has been finalised. But again it was stressed that future funding would be achieved with the shareholders best interests in mind.
9) There was a question on whether they would eventually try to farm-in a major, sell-out, or go to production. They said all options were still open, but from the tone, it still sounds to me like they would like to take this to production. It doesnt at all sound to me like they are only in this to make a quick buck and then to run.
10) There are still two options not yet secured for the OG as part of the current campaign. DES have first refusal on those options but Sam was keen to stress that he believed that if RKH wanted one of those options, they would be able to successfully negotiate that with DES. Personally, it sounded to me that one of the appraisals will be done sooner rather than later.
11) There was a question about the gas discovery but it was made clear that the oil was their priority and that there would have to be a minimum of 5tcf to make the gas commercial. This was clearly a low priority to the board.
12) No plans to join FTSE until after the appraisals as that would be the optimum time to join.

In summary, I was very glad to have attended the AGM and I came away feeling extremely positive about the future. When I look to invest in a share I look for stocks with the lowest risk combined with the highest potential. Its obviously a balancing act but I seriously cant see another stock out there that has such huge potential gains, combined with the relatively low risk. Of course there are still risks, but the share is under-pinned by Sealion, and I think once the new CPR comes out, well all be very pleasantly surprised by exactly how big a beast it really is!

Im in this for the long term, and I cant wait to watch this story unfold!

Those were my notes so hopefully some of you will find this useful.

I4V

Ps For those interested, they said the presentation would be placed onto the website so if you have a hunt now, youll probably find it.

Another stolen post from iii

Hi Folks,

As stated earlier see RNS for details of the statutory parts of the AGM and the Resolutions passed.

The following is from the questions and answer session held after presentations from Dr. Pierre Jungels and Sam Moody. And in addition to Dattani Pick and Invest4Values excellent overviews of the AGM see below.

Disclaimer: the questions and answers are from my own notes and contain no direct quotes. Where I have put xxxx xxx is my scrawled notes of a quote and not to be taken as literal but recounted to the best of my knowledge. Anything in brackets is my thoughts or how I interpreted the context of what the speakers were saying and body language etc... Also I have put a couple of the answers together as they were basically referring to the same thing re the OG.

PJ: Dr. Pierre Jungels
SM: Sam Moody
DB: Dave Bodecott


1) Will the BOD consider splitting the shares if the price per share gets too high?

PJ: No share split is envisaged at this stage it is not something that the board has even considered (and wont for some time yet).


2) Permeability after the original SL update RNS which stated the permeability - there has been no further news regarding updated permeability after the well test. Also, is there further information on the duration of the pressure build-up when shutting the well, during the recent test?

DB: The BOD has a preliminary report on the well test but the full information has not yet been processed fully (assuming RPS).


3) Are the Board concerned by the wax content of the oil?

SM: No concerns at all about the wax content of the oil samples. The wax content was an issue during the well test for a couple of reasons lack of proper equipment being procured and shipping to the FI in time for the well test. SM also added that the well flowed for 18 hours {uninterrupted?} this was much better than anticipated. He went on to say that the wax content would not be an issue in a specifically designed production/appraisal well as the correct equipment/preparation would be in place.


4) Rig Saftey are the BOD concerned about safety given the recent GoM disaster?

PJ: Hundreds of thousands of wells have been drilled across the world over many years and 99.99% do not have a problem. The GoM disaster was a one off event due to the huge gas pressures and quantities of oil involved. RKH has submitted its EIA and it is important to note that the FI Gov. has the same laws/regs re oil exploration/drilling as the UK Gov.

5) Farm in Would pressure from Argentina or other SA countries threaten RKHs potential to find a farm in partner, due to other SA interests (current or future) for said company?

That would be up to the oil majors themselves to work out which was the better potential avenue to go down. But a farm in is only one of a number of different options available to us as we progress.
(someone mentioned BHP Billinton) PJ: We dont know what BHPs situation is regarding FOGL (apart from what was in the RNS), but remember that BHP is a major in mining, not oil.


6) What does the Board see as the biggest risk for RKH moving forward?

PJ: The single biggest fear is that funding for appraisal wells and future exploration wells will not be available due to a downturn in the financial markets.


7) Will there be a new CPR? (apologies not full question)

An updated CPR has been commissioned and is being worked on as we speak.
PJ: We can not hurry them, it will take as long as it takes, us harassing them will not make it come any quicker.
SM: (to a ripple of unsure laughter) It will be this year!


8) Ocean Guardian any chance that RKH will have it back at some point in the current 10 well campaign?

SM: Desire have the right to use the 2 slots which are currently unallocated. BUT I am confident that DES would be more than amenable to us using one of these slots.
PJ: We are currently talking about the possibility of the OG staying in the FI after this 10 well campaign.
(I think PJ said something like lets hope Rachels a success then but it wasnt into the mic so cant be sure)


9) Is it the Boards intention to take Sea Lion and/or other future finds to the production stage?

PJ: (Refers to the screen which had had the slide showing the potential exploration to production value of a random oil company on it this will be on website shortly) The board fully intends to create maximum value for shareholders (my sincere thoughts from this is that was a YES!)


10) Why is Chatham is not being declared an oil discovery from the 1998 Shell well which recovered a 2 litre sample of 27.1 API oil from the wireline tools and was reported to have unexpectedly flowed oil to the surface during drilling?

DB: We (RPS) are currently working to re-evaluate all sand systems, basin wide. (pressed further) It gives me a warm feeling inside knowing what the potential is in the basin (I think hes very pleased with what hes seen - given the smile!)


11) In the first RNS after the flow-test, Dr. Jungels said that RKH believe that Sea Lion is the largest fan sandstone body in the North Falklands Basin. What data or information is it that has led him to this assumption? Will that statement be backed up in an updated CPR or RNS in the near future?

PJ: RPS working on updated CPR This is a RKH internal view. We have data from all across the basin we still believe in the statement (and theyre still saying it).
PJ: (rather cheekily) You would have to ask the DES board if they agreed with that (smug reference to the DES RNS that stated that they have more than 50% of the fan sandstone plays???)

12) Missed question but re value from our 7.5% stake in DES acreage.

PJ: We pay the % of the costs for drilling everything i.e. appraisals/ exp wells. But we get 7.5% of all revenues generated from these 2 licences be it from sale or production.


13) If another FI explorer made a discovery, would it slow down potential developments with port facilities/rig etc?

SM: There are limited berthing and port facilities at Port Stanley, but it is excellently run and could support more than one rig. (very interesting he sounded confident of this one)


14) Is Argentina (+SA friends) going to be a threat to the future of FI oil industry from a logistics point of view?

SM: No There are a number of small British exploration companies operating in the FI. They now have an oil discovery and great potential for future development. All this has been done without any help from Argentina.


15) Johnson Gas Discovery will it be brought to production?

PJ: This is not a priority at the moment the priority is oil and SL. We will need 5tcf before it is commercial and it would require either a FLNG/LNG plant on the island neither of which are considered at the moment. But it remains a viable option for the future.


16) Does RKH have enough staff?

DB: I sat down the other day and listed 24 people that we have been working with - each of them experts in their fields The beauty of getting consultants in is you can use them when you need them, but then let them go and get on with something else.


17) What indications do the current 2D seismic give on the extent of Sea Lion south of the 3D cut-off line? (And has this been included into the calculations for the current Sea Lion volumes?) Also, does the board have plans in place for which new 3D seismic areas are being surveyed and why?

There is a 14km gap south of the current 3D seismic cut off line to the edge of the licence. There is a strong (already sorted if you ask me) possibility of acquiring new 3D seismic to fill this gap. This could well (is) in conjunction with other operators in the NFB. RPS have looked at the 2D that was shot over this area and have concluded that SL could extend to a maximum of 100km2 this would be confirmed with any new 3D shot over the area.


17) Re: Ernest: Does the Board know what the likely cause of the CSEM anomalies were? And do you think the prospects for Southern North Basin are now significantly higher risk?

DB: No data is still being analysed. no idea. One thing to note is that initial data has shown extremely good reservoir quality and also to remember that this was a feature of a lot of North Sea fields that were drilled at the beginning. We are definitely not righting off 23 +24 at all



As an aside SM also mentioned the P90 recovery rate of 15% before the Q&A session he (almost laughed) said that RKH believe that this is very very conservative and the actual recovery rate will be much higher. (My favorite bit of the day)

Long live the Rock, and all who sail in her

Smicer

Thanks for all that.....looks very good.....shame about the sp that has pulled back....

i hear (read) a lot of excited hype ..... that sp dipped is no suprise - i.e. selling on the news ..... it's the genuine informed opinion and of course any official pronouncements that will make life more interesting