Rockhopper reaffirms 2028 first oil target for Falklands' Sea Lion despite Argentina pressure

By Reuters News

LONDON, Sept 30 (Reuters) - Rockhopper RKH.L, an oil company focused on the self-governing British overseas territory Falkland Islands claimed by Argentina, said on Wednesday its Sea Lion project remains on track for first oil in the first quarter of 2028.

  • Argentina's government has ratcheted up pressure on companies operating in the Falklands this month, including by presenting a bill to revamp 2011 sanctions legislation with a tougher regime and stronger sanctions aimed at companies and their shareholders and suppliers.

  • Rockhopper holds 35% in Sea Lion, Tel Aviv-listed Navitas NVPTp.TA holds 75%.

  • Proved and probable reserves at Sea Lion estimated at 314 million barrels of oil, according to a report by Netherland, Sewell & Associates.

  • First phase of Sea Lion to be produced through Aoka Mizu floating production, storage and offloading vessel (FPSO), while the second phase, with a final investment decision targeted for 2028, will be produced through the OSX-1 FPSO purchased by Navitas in August and first oil in 2030, Rockhopper said.

  • Both FPSOs could bring Sea Lion output to 180,000 bpd, according to Rockhopper.

  • A capital hike raising $200 million provides funding through to mid-2028, Rockhopper said.

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