Half-year profits at Rockhopper Exploration rocketed to $131 million after tax – compared to $42 million in the first six months of last year.
After awarding the FEED contracts for its Sea Lion field in the Falklands basin, Rockhopper has reduced its break-even costs on the $1.5bn development to $45-barrel.
David McManus, Chairman of Rockhopper, commented: “We continue to make very good progress in advancing the Sea Lion development, taking advantage of the current industry backdrop to reduce costs – and the break-even oil price required to sanction.
“The results of the highly successful exploration campaign and the subsequent independent resource audit further supports Rockhopper’s view that the North Falkland Basin has the potential to deliver multiple future phases of development and, ultimately, a billion barrels of recoverable oil.
“As a result of our merger with Falkland Oil and Gas Ltd, our enhanced interests provide us with a stronger strategic position in the future commercialisation of our flag-ship Sea Lion project.”