Negotiations continue with service providers for the Premier Oil-operated Sea Lion development in the offshore North Falkland basin. According to partner Rockhopper Exploration, Phase 1 will develop around 220 MMbbl in license PL032 and a further 300 MMbbl from the license’s remaining resources under Phase 2.
Rockhopper Exploration and operator Premier Oil have submitted a revised draft field development plan for the Sea Lion Phase 1 project to the Falkland Islands government. According to Rockhopper, a final submission should follow in the lead-up to sanction of the project, in the offshore North Falkland basin.
Rockhopper Exploration said the Sea Lion phase 1 project in the North Falkland Basin was moving towards sanction at the end of 2018. London-listed Rockhopper said project partners had been focusing on securing the US$1.5billion of capex required to achieve first oil.
Falkland Islands oil explorer Rockhopper Exploration Plc has confirmed cost cuts at its Sea Lion project, which will reduce the scheme´s break-even price to US$ 45 a barrel. Capital investment at Sea Lion to reach first oil is now estimated at US$ 1.5bn.
Despite current low oil prices, the oil and gas industry in the Falkland Islands is continuing to go from strength to strength as its first project, Premier Oil’s Sea Lion, moves closer to commercialization, according to an analyst with research and consulting firm GlobalData.
Rockhopper Exploration flagship project, offshore the Falkland Islands the Sea Lion oil field development, continues to advance despite the recent slump in crude prices.
Falkland Oil and Gas PLC late Tuesday took a step closer to completing the proposed all-share merger with fellow AIM-listed Rockhopper Exploration PLC after its shareholders voted in favour of the deal.
Energy company Rockhopper Exploration and Falkland Oil and Gas Ltd., have announced that drilling operations at Isobel Deep well have recommenced. Isobel Deep is located in the North Falklands basin and is part of the current round of drilling in Falklands' waters.
Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem, two of the companies involved said on Friday.
The Falkland Islands government welcomed on Thursday the announcement by Premier Oil and partners that the 14/15b=5 “Zebedee” well has been declared an oil and gas discovery following the completion of its evaluation program, Zebedee is the first of six wells from the current drilling campaign planned to take place in Falklands waters during 2015.