Rockhopper Exploration Seeks Funding to Advance Sea Lion Oil Project

Rockhopper Exploration is gearing up for an equity capital raise aimed at financing its share of a second Floating Production Storage and Offloading vessel (FPSO), the OSX-1, for the Sea Lion oil field in the Falkland Islands. The initiative comes after operator Navitas Petroleum opted to acquire the OSX-1 for approximately $125 million, enhancing production capacity to 125,000 barrels per day.

Navitas will initially bear the full cost of the OSX-1 while stakeholders, including Rockhopper, strategize on its integration into the expanded Sea Lion project. Holding a 35% stake as a non-operating partner, Rockhopper has acknowledged the need for additional funding to secure its equity interest and cover other associated costs.

Samuel Moody, Rockhopper’s CEO, praised Navitas’s commitment to accelerating the Sea Lion project, indicating that the financing endeavor has already garnered favorable responses. The acquisition of the OSX-1 is expected to finalize within the month, targeting the central development area of the Sea Lion field.

Meanwhile, the first phase of Sea Lion is in progress, with drilling set to commence in early 2027. The FPSO Aoka Mizu is also en route to an Asian shipyard for upgrades. Partners are optimistic about a final investment decision for the central area by mid-2028, aiming for first production by late 2030, further bolstering the project's economic outlook.

Source: en.mercopress.com