Rockhopper Exploration plc, an oil and gas company with significant interests in the North Falkland Basin, has acknowledged a recent report by Navitas Petroleum LP regarding the Sea Lion project. According to the March 2025 independent resource report by Netherland Sewell & Associates, commissioned by Navitas, there has been a reclassification of resources at the Sea Lion field, with a considerable volume now moved from ’Development On Hold’ to ’Development Pending.’
The report outlines a phased development concept for the Sea Lion field, comprising five phases across the Northern and Central areas. The first two phases in the Northern Area involve 11 and 12 wells respectively, with an estimated 170 and 149 million barrels of oil. Phase 3 in the Northern Area and both phases in the Central Area will require a larger FPSO (Floating Production, Storage and Offloading) unit than the currently planned redeployed and upgraded FPSO for earlier phases.
The total developed barrels from all phases are projected to be 730 million, with peak production rates anticipated to reach 55,000 barrels per day in the initial phases, increasing to 150,000 barrels per day once all phases are operational.
Navitas continues to estimate capital expenditure for the first phase at approximately $1.4 billion and has entered into several Front-End Engineering Design (FEED) agreements, including a Memorandum of Understanding for an FPSO, as well as agreements for subsea equipment. The target for the Final Investment Decision (FID) remains set for mid-year 2025.
The March 2025 NSAI Independent Report, which has not been reviewed by Rockhopper, also provides updated resource estimates for the Sea Lion field, with 730 million barrels categorized as 2C Contingent Resources under ’Development Pending’. An additional 178 million barrels remain classified as ’Development On Hold’, with no current development plan published.
Rockhopper, holding a 35% working interest in the Sea Lion project, plans to commission its own independent resource evaluation later this year. The company benefits from various loans from Navitas related to the development, as detailed in previous announcements.
This update is based on a press release statement by Rockhopper Exploration plc.
