6 months to 30 Sept 2006

Rockhopper Exploration plc
04 December 2006

Press Release

For immediate release: December 4, 2006

Rockhopper Exploration plc

                                Interim Results


Interim Results for the six months ended 30 September 2006

Rockhopper Exploration plc (RKH), the AIM-listed oil and gas exploration company
based in the United Kingdom, today announces its interim results for the six
months ended 30 September 2006.

Highlights:

   •Processing and interpretation of CSEM data completed
   •Positive results on both CSEM surveys
   •Acreage significantly de-risked
   •Processing new 2D data completed
   •3D programme commenced two months ahead of schedule

Chairman Pierre Jungels commented 'We have seen the most significant step
forward in our exploration effort to date, it has been a period of real
technical progress.'

'During the six months leading to September 2006 our exploration effort focused
entirely on licences PL023 and PL024, with hugely encouraging results,' Sam
Moody, Managing Director added. 'During 2007 our plan is to develop an inventory
of drillable prospects so that we are in a position to participate in any
Falkland Islands drilling campaign.'


For further information, please contact:

Rockhopper Exploration
Sam Moody, Managing Director                                 01722 414 419
www.rockhopperexploration.co.uk

Aquila Financial Limited
Peter Reilly                                                 020 7202 2601
www.aquila-financial.com


Notes to editors

The Rockhopper Group started trading in February 2004 to invest in and carry out
an offshore oil exploration programme to the north of the Falkland Islands. The
Group, which floated on AIM in August 2005, is currently the largest licence
holder in the North Falkland Basin and owns a 100 per cent interest in four
offshore production licences which cover approximately 5,800 sq. km. These
licences have been granted by the Falkland Islands Government.

Chairman's Statement

The six months ending 30 September 2006, covers a period of real technical
progress in our exploration effort. As expected, the Group incurred a loss for
the period.

The six months to the end of September 2006 have seen the most significant step
forward in our exploration effort to date. Processing the new 920km of 2D 
seismic data is complete and interpretation is now well advanced. Processing and
interpretation of our newly acquired Controlled Source Electromagnetic (CSEM) 
Surveys is also complete and we have commenced our 3D seismic acquisition 
programme with CGG Marine some two months ahead of schedule.

We acquired 920km of new 2D seismic data in licences PL023 and PL024 on an
exclusive basis with GSI in early 2006. The processed seismic data is of high
quality and covers a number of leads in the south of the acreage, including lead
K, as well as a closer grid over target J1, which we now know as prospect 
Ernest.

The CSEM data acquired by OHM over Ernest and K contains what we believe to be
strong signs of the presence of Hydrocarbons within the structures. This is a 
hugely significant development for the group. We now believe that Ernest is 
drillable subject to all relevant regulatory requirements and have upgraded this
target as a result.

Moving forwards, our 3D will help us to further define a number of targets
already mapped in the northern licences PL032 and PL033. Once that data has been
mapped and interpreted, we will be in a position to rank our prospect inventory 
and begin making decisions on potential drilling targets. Starting the 3D 
programme two months early has allowed us to accelerate this process.

Dr Pierre Jungels
Chairman



Managing Director's Review

During the six months to the end of September, our exploration effort focused
entirely on licences PL023 and PL024, with hugely encouraging results. We have 
completed processing of the 920km of 2D seismic acquired in early 2006 and made 
good progress in interpreting and mapping that data. We have also completed
processing and interpreting the two CSEM surveys acquired at the same time. Our
commitments in relation to Phase 1 of licences PL023 and PL024 have now been
completed.

Maps of Ernest made using the new seismic data indicated that the structure is
both larger and more robust than when mapped on the pre-existing seismic. A 
clear independent four way closure can easily be mapped, with a larger potential
closure possible against a large fault located to the east of the prospect. The 
areal extent of this four way closure is approximately 2,600 acres. Using a 
conservative calculation that translates into possible oil in place of over 300 
million barrels, or around 100 million barrels of recoverable oil.

In addition to the robust nature of the prospect, we have observed an AVO
response on its flank along with possible gas chimneys and flat spots within the
area of closure, all of which are potential indicators of the presence of 
hydrocarbons. The new seismic also contains strong indications of the presence 
of reservoir units in the area.

Turning to the CSEM data over Ernest, a resistor can be seen easily on the
interpreted data. When this CSEM data is co-rendered with the new 2D seismic, it
becomes clear that the resistor is coincident with the extent of the four way 
closure as described above. The fact that this resistor appears to be contained 
within the Ernest structure leads us to believe that it is indicating the 
presence of Hydrocarbons trapped within the structure. This has significantly
reduced the exploration risk associated with the prospect with the biggest 
remaining risk is associated with reservoir. Whilst indications of the presence 
of reservoir are present in the seismic data, we can make no meaningful 
assessment of the quality of that reservoir until we drill the target. Assuming 
a recoverable reserve of 100 million barrels, the discovered value of Ernest 
alone could be in the region of $1,000 million at an oil price of $50 per barrel
according to a model built by Scott Pickford at the time of our admission to 
AIM. Prospect Ernest is located in approximately 160m water depth and only 100km
from the Islands.

The CSEM result over K is also extremely encouraging, with a resistor observed
which appears to be coincident with a structural closure. This resistor is not 
present in the original target of the K survey, but in a flanking structure to 
the north east. More seismic is required over K in order to further define the 
extent of that closure and to determine any possible well locations. While K and
some of the other leads described below are relatively shallow, that does not
mean they cannot become productive fields, as elsewhere in the world shallower
oil fields are successfully in production, for example, in the UK's Morecambe 
Bay area where the structure is remarkably similar to that observed in licences 
PL023 and PL024.

Finally, the new seismic has allowed us to further develop our existing
inventory of leads in wider PL023 and PL024 area. Work on the development of 
these leads is now continuing. These leads include some highly attractive 
rollovers, some of which are associated with strong amplitude anomalies. We have 
also become increasingly confident of the presence of a mature source rock in 
the southern most areas of our licences PL023 and PL024, which is good news in 
terms of the risk associated with the leads in the area.


Our next step is to begin active exploration of licences PL032 and PL033. The
geology of these areas is different to that seen in PL023 and PL024 and makes 
the use of the CSEM technique more problematic. As a result, we are currently 
collecting a minimum of 685km2 of 3D seismic data with CGG Marine and we were 
pleased to be in a position to begin that campaign some two months ahead of 
schedule. Processing and interpretation of that new data will carry us to the 
second half of 2007 and allow us to further refine and develop our prospect
inventory. Our plan is to develop an inventory of drillable prospects during 
2007 so that we are in a position to participate in any drilling campaign taking
place in the Islands.

Samuel Moody
Managing Director



Group profit and loss account (unaudited)

                                       6 months         6 months        Year
                                       ended            ended           ended
                                       30 September     30 September    31 March 
                                       2006             2005            2006
                                       Unaudited        Unaudited       Audited
                                                        Restated*
                               Notes   £000             £000            £000

Turnover                               0                0               0
Cost of sales                          0                0               0

Gross profit                           0                0               0
Administrative expenses                (394)            (466)           (822)
Charge for share based payment 2       (121)            0               (349)
Foreign exchange movement              (122)            0               56

Operating loss                         (637)            (466)           (1,115)
Interest receivable                    273              88              412

Loss on ordinary activities 
before taxation                        (364)            (378)           (703)

Taxation                       3       0                0               0

Loss on ordinary activities 
after taxation                         (364)            (378)           (703)

Basic and diluted loss per
share: pence                   4       (0.50p)          (0.84p)         (1.20p)

*The restatement of comparatives applies solely to the charge for share based
payment that is required by FRS20 (see note 2).




Group balance sheet (unaudited)
as at 30 September 2006
                                    As at             As at             As at
                                    30 September      30 September      31 March
                                    2006              2005              2006
                                    Unaudited         Unaudited         Audited
                                    Restated*

                            Notes   £000              £000              £000

Fixed assets
Intangible assets                   2,817             259               2,500
Tangible assets                     13                8                 14

                                    2,830             267               2,514

Current assets
Debtors                             5                 128               10
Cash at bank                        11,939            14,908            12,455

                                    11,944            15,036            12,465

Creditors: amounts due within 
one year                            (67)              (407)             (59)

Net current assets                  11,877            14,629            12,406

Total assets less current 
liabilities                         14,707            14,896            14,920

Capital & reserves
Called up share capital     5       721               718               718
Share premium account       5       14,946            14,919            14,919
Merger reserve                      (140)             (140)             (140)
Share based payment reserve 2       470               0                 349
Profit & loss account               (1,290)           (601)             (926)

Equity shareholders' funds          14,707            14,896            14,920

*The restatement of comparatives applies solely to the charge for share based
payment that is required by FRS20 (see note 2).



Group Cashflow Statement (Unaudited)
for the six months ended 30 September 2006

                                    6 months         6 months         Year
                                    ended            ended            ended
                                    30 September     30 September     31 March 
                                    2006             2005             2006
                                    Unaudited        Unaudited        Audited
                                                                      Restated*
                                    £000             £000             £000
Net cash outflow from operating 
activities                         (499)             (557)            (782)

Returns on investment and 
servicing of finance
Interest received                  273               88               412

Capital expenditure and 
financial investment
Purchase of intangible 
fixed assets                       (317)             (23)             (2,264)
Purchase of tangible 
fixed assets                       (3)               (8)              (15)

Net cash outflow before financing  (546)             (500)            (2,649)

Financing
Issue of share capital             30                15,000           15,000
Share issue costs                  0                 (782)            (1,086)

Movement in net cash               (516)             13,718           11,265

Reconciliation of operating loss 
to net cash
outflow from operating activities

Operating loss                     (637)             (466)            (1,115)
Decrease/(increase) in debtors     5                 (90)             28
Increase/(decrease) in creditors   8                 (3)              (47)
Depreciation                       4                 2                0
Shares issued in lieu of fees      0                 0                3
Charge for share based payment     121               0                349
Net cash outflow from operating 
activities                         (499)             (557)            (782)

*The restatement of comparatives applies solely to the charge for share based
payment that is required by FRS20 (see note 2).




Group statement of changes in share capital and reserves (unaudited)
for the six months ended 30 September 2006

                                    6 months         6 months         Year
                                    ended            ended            ended
                                    30 September     30 September     31 March 
                                    2006             2005             2006
                                    Unaudited        Unaudited        Audited
                                                                      Restated*
                                    £000             £000             £000
Share capital
Opening balance                     718              361              361
New shares issued                   3                357              357
Closing balance                     721              718              718

Share premium account
Opening balance                     14,919           1,362            1,362
Premium on new shares issued        27              14,643           14,643
Share issue costs                   0               (1,086)          (1,086)
Closing balance                     14,946          14,919           14,919

Merger reserve
Opening and closing balance         (140)           (140)            (140)

Share based payment reserve
Opening balance                     349             0                0
Share based expense payment 
for the period                      121             0                349
Closing balance                     470             0                349

Profit & loss account
Opening balance                    (926)            (223)            (223)
Loss for the period                (364)            (378)            (703)
Closing balance                    (1,290)          (601)            (926)

Equity shareholders' funds         14,707           14,896           14,920

*The restatement of comparatives applies solely to the charge for share based
payment that is required by FRS20 (see note 2).



Notes to the interim statements

1 Basis of preparation

This report was approved by the directors on 29 November 2006. The interim
financial statements have been prepared using accounting policies and practices
consistent with those adopted in the accounts for the year ended 31 March 2006
with the exception of the application of FRS 20 (see below) and are also
consistent with those that will be adopted in the March 2007 accounts. 
The interim financial statements are unaudited but have been reviewed by the 
auditor.

The financial information does not constitute statutory accounts as defined by
section 240 of the Companies Act 1985.

Comparative figures for the period ended 31 March 2006 are extracted from the
statutory accounts which have been filed with the Registrar of Companies but
have been restated for the impact of FRS 20. Those accounts, upon which the
auditor issued an unqualified opinion, did not include a statement under
sections 237(2) or 237(3) of the Companies Act 1985.

2 Adoption of new accounting policy

The adoption of FRS 20: Share based payments, which is effective for accounting
periods beginning on or after 1 January 2006, requires a prior period adjustment
to be made. This has created a share based payment reserve at 30 September 2006
of £470 thousand and increased retained losses by the same amount. Of this
amount, £349 thousand is attributable to the year ended 31 March 2006.

3 Taxation

The effective rate of taxation is based on the estimated charge for the full
year at a rate of 0% (2005: 0%).

4 Basic and diluted loss per share

                           6 months ended       6 months ended        Year ended
                           30 September         30 September          31 March 
                           2006                 2005                  2006
                                                                      Audited as
                                                                      restated

Loss for the period: £000  (364)                (378)                 (703)
Weighted average shares    71,800,154           45,087,007            58,467,365
Basic and diluted loss 
per share: pence           (0.50p)              (0.84p)               (1.20p)

The basic loss per share amount is calculated by dividing the net profit for the
period attributable to ordinary shareholders of the group by the weighted
average number of ordinary shares outstanding at the period end. As the group is
declaring a loss for all periods the exercise of either warrants or options
would have the effect of reducing the loss per ordinary share and is therefore 
not considered dilutive.

5 Movements on share capital

During August 2006 share options were exercised over a total of 300,000 ordinary
1p shares, raising £30,000.

6 Post balance sheet events

During October 2006 the group created a cash backed letter of credit facility in
favour of CGG Marine in respect of the 3D programme discussed in the Chairman's
statement and Managing Director's review. The agreement signed in October and
work commenced in November and is ongoing at the time of signing this report.
Whilst the final cost will not be known until the work is completed it is
anticipated that it will be in excess of $10 million.

7 Copies of the interim report

Copies of the interim report will be dispatched to shareholders and will be
available to the public at the registered office: Hilltop Park, Devizes Road,
Salisbury, SP3 4UF, along with copies of the audited accounts for the year ended
31 March 2006 and interim accounts for the six months ended 30 September 2005.







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