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Rockhopper cashed up

Half-year results for Rockhopper Exploration were largely uneventful, save for an update on the Sea Lion project and the forecast year-end position
September 14, 2016

This has been an eventful year of corporate activity so far for Rockhopper Exploration (RKH), as interim results remind us, although the only new information in the half-year figures was news of further cost reductions at the Sea Lion field, which reduce the break-even price to $45 (£34) a barrel.

IC TIP: Buy at 28p

Given the ongoing development projects, and limited production from Beach Egypt, the City expects a pre-tax loss of $14.9m and an adjusted loss per share of 3.9¢, moving to losses of £16m and 3.8¢ in 2017.