Sea Lion partners raise oil target for first-phase development

Sea Lion field layout.
Sea Lion field layout.
(Courtesy Rockhopper Exploration)

Offshore staff

LONDONRockhopper Exploration has issued a progress update on the Premier Oil-operated Sea Lion project in the offshore North Falkland basin.

Post-front-end engineering design work has raised the resources to be developed under Phase 1 from 220 to 250 MMbbl, with associated capex to first oil now estimated at around $1.8 billion.

Premier is close to agreeing to main service and supply contracts for execution at project sanction. At the same time, the company continues to work on securing senior debt funding ahead of the final investment decision.

In July, the partners submitted a preliminary information memorandum and various independent reports from industry specialists to potential senior lenders for the project, including export credit agencies. They expect to receive feedback during 4Q.


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