The initial project will beSea Lion Phase 1, designed to recover 220 MMbbl in license PL032. The subsequent Phase 2 development will recover a further 300 MMbbl from the remaining reserves in this license and the satellite accumulations in the north of PL004.
In addition, a further 200 MMbbl of what Rockhopper calls low risk, near field exploration potential could be included in either projects.
Phase 3 will entail the development of theIsobel/Elaine fan complex in the south of PL004, pending further appraisal drilling.
The FEED (front-end engineering design) process for the Sea Lion field is substantially complete, with the partners focused on challenging the design specifications and installation methodology in order to cut capital and operating costs.
There have been significant reductions in estimates of field support services, including supply boats, helicopters and shuttle tankers, which have brought opex costs down from $20 to $15/bbl.
Conceptual studies have now started on potential development schemes for the remaining resources in PL032, the satellite accumulations in the north of PL004 (Phase 2), and the Isobel/Elaine fan complex in the south of PL004 (Phase 3).
Phase 2 static and dynamic modeling is progressing, with subsurface studies directed at optimal locations for future appraisal wells, while also targeting new exploration objectives.
Following the disappointing results of theHumpback well, Noble and Edison have given notice to withdraw from acreage in the offshore South and East Falkland basin. Rockhopper will likely assume a 100% operated interest once the process of assignment is complete.