Rockhopper Exploration says Standard Chartered Bank will serve as Pathfinder Bank for the proposed senior debt project financing of the Premier Oil-operated Phase 1 development of the Sea Lion project offshore the Falkland Islands.
AIM-quoted Rockhopper, in a stock market statement, told investors that Standard Chartered Bank has been appointed as the ’pathfinder’ bank for a proposed senior debt project financing for the Phase 1 development of the Sea Lion field.
”We are delighted to announce the appointment of Standard Chartered as pathfinder bank,” said Sam Moody, Rockhopper chief executive.
“This appointment marks another step for the Sea Lion project as we work towards securing the necessary funding to allow project sanction.
“Standard Chartered is a leader in the field of Energy project financing and has played a significant role in a number of bank and export credit agency led financings in recent years.”
In May, Premier (which is Sea Lion’s operator, with a 60% stake in the project) highlighted that it was close to selecting the main contractor for the development and that negotiations for some US$400mln of ‘vendor financing’ were near completion.
That would be just one element in the project financing mix and, at that time, Premier said it expected to name the ‘pathfinder’ bank “shortly”.
Sea Lion’s total development costs have previously been estimated at around US$1.5bn.
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How things have change when reality bites...Jul 09th, 2018 - 10:05 am +3
Regarding Falklands oil exploration, Argentine Foreign Minister Jorge Taiana stated in February 2010, that his Government would take 'all measures necessary to preserve our rights' and also reiterated that Argentina had a 'permanent claim' on the islands, saying 'Buenos Aires would complain to the UN over the oil project and might take the case to the International Courts of Justice in the Hague.' (British Drilling for Falklands Oil Threatens Argentine Relations, Pope F. 13 Feb 2010 & Potential Drilling off Falklands Provokes Tensions Between UK & Argentina IRRU News 17 Feb 2010)
Why's it taking so long Jorge?
Falklands – Territorial Waters: https://www.academia.edu/10574593/Falklands_Islands_Territorial_Waters
More steady progress towards the inevitable development of the Falkland Islands energy sector. Some people will be slobbering in their gin wondering what to do with all the spare coffin nails, but we will march steadily on. Let's hope that in the better current geo-political environment the Chilean/Magellanes oil industry will get themselves a slice of work, as well as Uruguayan and Brazilian companies.Jul 12th, 2018 - 09:01 am 0
scb have the boys and gals who will make all the difference lolJul 12th, 2018 - 10:19 am 0