Harbour Energy, Rockhopper Exploration and Navitas Petroleum have signed a heads of terms agreement for the Sea Lion field, paving the way for Harbour’s exit of the Falklands and for Navitas to complete its farm-in.
Harbour Energy’s intention to offload its stake in the controversial Falklands Islands project shows E&P companies’ increasing wariness of new and remote oil markets, according to GlobalData.
Chairman of Rockhopper Exploration, David McManus, will tell shareholders at the company’s AGM today that “all efforts” are focused on securing funding to get the Sea Lion project sanctioned in 2018.
Oil and gas group Rockhopper has announced that it has signed a Letter of Intent (LOI), giving it exclusivity to Sea Lion Phase 1, in the North Falkland Basin.
Rockhopper Exploration has hailed 2015 as a "transformational year" as the company looks ahead to developing the huge potential of the Sea Lion prospect in the South Atlantic.
Rockhopper Exploration expects to deliver 60 million more barrels of oil from its Sea Lion asset after revised plans revealed field life has increased from 15 to 20 years.
