More LOIs pending for Sea Lion project offshore the Falklands

Rockhopper Exploration and operator Premier Oil expect to sanction the Sea Lion Phase 1 project in the offshore North Falkland basin by the end of this year.

Offshore staff

LONDONRockhopper Exploration and operator Premier Oil expect to sanction the Sea Lion Phase 1 project in the offshore North Falkland basin by the end of this year.

Activity during the second half of 2017, Rockhopper said, focused on the commercial, fiscal and financing elements required to secure the $1.5 billion of capex needed to deliver first oil.

Various contractors have entered into letters of intent (LOIs) to provide well and logistics services.

Under the terms of the LOIs, each contractor has been granted an exclusivity period during which the partners will negotiate binding documentation.

Over the next couple of months, the partners expect to enter further agreements for drilling and the subsea system.

Premier submitted the latest draft of the field development plan to the Falkland Islands government in November, and the company expects the public consultation for the environmental impact statement is to get under way soon.

01/11/2018

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