Financial submission for developing Falkland Islands' Sea Lion project

Wednesday, July 31st 2019 - 10:58 UTC

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CEO Sam Moody said: “submission of the preliminary information memorandum marks a material milestone in the project financing process for the Sea Lion development”

Rockhopper Exploration PLC on Tuesday said it has submitted an early information memorandum to potential lenders for the Sea Lion project in the Falkland Islands.

Rockhopper has been working on financing for the Sea Lion project for some time, and has now sent a preliminary information memorandum to possible senior lenders.

This memorandum will form the basis for a loan application for senior debt project financing.

This submission, Rockhopper said, is backed by “comprehensive” reports covering “the full range” of technical, reservoir, legal, tax, and health, safety, security, & environmental aspects.

Chief Executive Sam Moody said: “The submission of the preliminary information memorandum marks a material milestone in the project financing process for the Sea Lion development.

”Should the application be well received, we anticipate moving into a phase of detailed lender due diligence and documentation during fourth quarter 2019.”

Rockhopper shares were 0.5% lower on Tuesday afternoon in London at a price of 21.90 pence each.

Categories: Energy & Oil, Investments, Politics, Falkland Islands.

Tags: Falkland Islands, Falklands, Falklands Oil, oil exploration, Rockhopper, Rockhopper Exploration Plc, Sam Moody, Sea Lion project.

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Mike Summers
No where near the longest RB. Take a look at Newfoundland.
Aug 02nd, 2019 - 01:52 pm +2
Mike Summers
Newfoundland is in production. It just took about 25 years to get there.
Aug 02nd, 2019 - 06:28 pm +2
RedBaron
Is it my imagination or is the Falklands oil exploration saga one of the longest running O&G projects in the world? I can recall discussions going back to the early 2000's and a mini-climax around 2010 when the test drillings were spiking interest but we are now around 20 years further forward and there are still no barrels being extracted.
Don't get me wrong, I understand this is not easy and I also believe that the general willingness is there but sometimes I think it is all a bit half-hearted on the part of the companies involved and I wonder how much longer it will be before investors see some return for their patience.
Jul 31st, 2019 - 10:21 am 0

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