Positive news for Falklands' oil industry development. All regulatory consents for the transaction between Harbour Energy plc and Israel's Navitas Petroleum LP of its Falkland Islands offshore license interests have been approved by the Falkland Islands government and the United Kingdom minister of state.
The announcement was released on Tuesday by Rockhopper Exploration plc (AIM: RKH) which has key interests in the North Falkland Basin, including the Sea Lion prospect.
As part of the transaction, the Falklands Government has agreed to grant a two-year license extension to all the licenses held by Rockhopper in the North Falkland Basin. Accordingly, the licenses will now run until 1 November 2024.
Last 19 April, Rockhopper, Harbour Energy and Navitas Petroleum signed a legally binding definitive documentation in relation to Harbour exiting and Navitas entering the North Falkland Basin. Under the terms agreed Navitas would acquire Premier Oil Exploration and Production Limited, the company in which Harbour holds all of its Falkland Islands licenses.
Following on this Rockhopper and Navitas will seek to align working interests across all their North Falkland Basin petroleum licenses – Rockhopper 35% / Navitas 65%, subject to all necessary consents.
Likewise under the new farming in, Rockhopper and Navitas are to jointly develop and agree a technical and financing plan to enable the development of the Sea Lion project to achieve first oil on a lower cost and expedited basis post sanction. Navitas is to provide loan funding to Rockhopper
In May Rockhopper and Navitas said they were considering use of a redeployed FPSO for their Sea Lion field development in the offshore North Falkland Basin.
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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 and Potential Drilling off Falkland, Provokes Tension Between Argentina & UK, IRRU News, 17 Feb 2010).Jul 27th, 2022 - 09:09 am 0
Argentina will try every trick in the book but fall short of going to the ICJ because they know if they do its game over.Jul 27th, 2022 - 01:48 pm 0
I cant imagine the discussion in a proper ICJ forum (as opposed to the C24 loaded with Latam and corrupt stooges).Jul 27th, 2022 - 01:56 pm 0
We want to stop an Altantic Island community for accessing their natural resources because 190 years ago we sent a boat to the islands, the crew mutinied and murdered our governor and they were evicted 10 weeks later.
What answer do they expect?