MercoPress. South Atlantic News Agency

Falklands’ oil, in June upgrade begins in Asia to adapt Aoka Mizu FPSO to Sea Lion development needs

Navitas has shifted upgrade work on the Aoka Mizu from the Middle East to Asia due to the conflict in Iran, adding about US$ 45 million to the development budget

Rockhopper Exploration (AIM:RKH), has highlighted progress at the Sea Lion oil development in the North Falkland Basin, operated by Navitas Petroleum. The first two phases will use the Aoka Mizu FPSO with capacity of 55,000 barrels per day, while a new memorandum of understanding for a second FPSO could lift total capacity by a further 125,000 barrels per day, significantly expanding the project’s production potential if implemented.

Navitas has shifted upgrade work on the Aoka Mizu from the Middle East to Asia due to the conflict in Iran, adding about US$ 45 million to the development budget and increasing Rockhopper’s equity costs by US$5.25 million, though the company says it remains funded for Phase 1.

By the end of May, disconnection works will be completed and the Aoka Mizu FPSO will sail to the shipyard for upgrade work to adapt it to Sea Lion's requirements. Drilling and completion works are scheduled to commence at the beginning of 2027. First oil from the Phase 1 is still currently expected in H1 2028.  

Onshore works in the Falklands, manufacturing of long-lead items and FPSO redeployment are advancing, with drilling slated for early 2027, underscoring continued momentum despite geopolitical headwinds.

Rockhopper Exploration is a UK-based oil and gas exploration and production company focused on the Falkland Islands. It holds a 35% interest in licenses in the North Falkland Basin, where it has sanctioned development of the Sea Lion field, and its shares trade on AIM under the ticker RKH.

Rockhopper Exploration plc, notes the recent update published by Navitas Petroleum LP on Sea Lion development progress.

Navitas focused on preparing the dock and shore base in Falklands.

Navitas reports other progress on the Sea Lion development as follows: 1) Development works on the Falkland Islands have commenced and at this stage are focused on preparing the dock and shore base. 2) Later this year, works will also commence for the construction of worker accommodation as well as additional infrastructure works in preparation for the commencement of drilling activity. 3)  The manufacturing of long lead items for the Phase 1 is ongoing.

Samuel Moody, Chief Executive Officer of Rockhopper, commented: “We are delighted that the project is on track having taken the prudent decision in the light of the security situation arising from the Iran conflict to move the FPSO work from the Middle East to Asia.  We are equally excited at the prospect that the development of additional barrels might be accelerated with the signing of the MOU for a second FPSO giving the opportunity to add a further 125,000 barrels per day of production to the 55,000 barrels per day from the first two phases.”

 Rockhopper Exploration plc is a UK-based oil and gas exploration and production company with key interests in the Falkland Islands. The Company holds a 35 per cent interest in licenses in the North Falkland Basin, where it has sanctioned the development of the significant Sea Lion field, originally discovered by the Company in 2010. Rockhopper's shares are quoted on the AIM market of the London Stock Exchange under the ticker RKH. This information is provided by RNS, the news service of the London Stock Exchange.

Navitas farms into Eco Atlantic’s Block 1 CBK offshore South Africa

Eco (Atlantic) Oil & Gas, the offshore oil and gas Exploration Company focused on the Atlantic Margins, has signed a definitive agreement with Navitas Petroleum for the farm down of a 37.5% working interest in Block 1 CBK offshore South Africa.

The transaction follows the strategic framework agreement signed between the two companies in December 2025, which granted Navitas an option to farm into the asset. After completing its geological review, Navitas has exercised the option through the execution of the definitive farmout agreement.

The agreement remains subject to customary regulatory approvals from the Petroleum Agency of South Africa and the TSX Venture Exchange, as well as the receipt of a US$4 million cash payment from Navitas to Eco Atlantic. Upon completion of the transaction, Navitas will assume operatorship of Block 1 CBK with a 37.5% working interest. The stake could increase to 47.5% should the option linked to OrangeBasin Energies be exercised.

Eco Atlantic will retain a 37.5% working interest, also potentially increasing to 47.5% depending on the OrangeBasin option outcome. As part of the agreement, Navitas will carry Eco Atlantic through the work program with a carry value capped at US$7.5 million net to Eco. The carried costs will later be repaid from Eco’s share of future production proceeds from the block.