Rockhopper Exploration PLC and Harbour Energy received extensions of North Falkland basin petroleum licenses 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 of oil for an estimated investment of $1.8 billion, has been stalled by funding issues.
The extension is to Nov. 1, 2022, with no additional license commitments. The licenses were previously due to expire May 1, 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 (OGJ Online, Oct. 6, 2020). 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 licenses PL032, PL004b, and PL004c.
Planned development of the Sea Lion field development prospect north of the Falklands in Premier-operated license PL032 includes 23 subsea wells hooked up to a floating production, storage, and offloading vessel.