Rockhopper granted North Falkland basin licence extensions

Rockhopper Exploration Plc and Harbour Energy have received extensions of North Falkland basin petroleum licences from the Falkland Islands government, including the Sea Lion discovery area.

Phase 1 of Sea Lion development, which will entail exploitation of 250 million bbl of oil for an estimated investment of US $1.8 billion, has been stalled by funding issues.

The extension is to the 1^st November 2022, with no additional license commitments. The licences were previously due to expire on the 1^st May 2021.

Samuel Moody, Rockhopper chief executive officer, said the proposed merger of Premier Oil and Chrysaor to create Harbour Energy brings a financially stronger operator to the project.

That, he said, coupled with the proposed entry of Navitas Petroleum to Sea Lion, adds to the operational and financial foundation.

In early 2020, Navitas agreed to acquire a 30% interest in Sea Lion licences PL032, PL004b, and PL004c.

Planned development of the Sea Lion field development prospect north of the Falklands in Premier-operated licence PL032 includes 23 subsea wells hooked up to a floating production, storage, and offloading vessel.