Rockhopper to invest $8m in developing Falkland Islands oil field this year

AIM-listed oil minnow Rockhopper Exploration has ear-marked $8 million for capital investment in developing its Falkland Islands oil resources this year in the Sea Lion field.

Rockhopper – which is sitting on an $80 million cash pile –  has a 40% working interest in the North Falkland Basin, where it is progressing phase-1 of its Sea Lion field (shaded yellow on map)

 The front-end engineering and design process continues to make good progress with the technical engineering phase of FEED approaching conclusion by Spring 2017.

 Over the year, the focus will shift to the commercial, fiscal and financing elements of the project. Engagement with Falkland Islands Government (FIG) on a range of operational, fiscal and regulatory matters is expected to continue through 1H2017.

 In reply to a query about the recent announcement by Premier Oil in relation to its proposed refinancing, a spokesman for Rockhopper said today: “We believe the completion of Premier’s refinancing will significantly enhance the discussions around the financing of the Sea Lion development”.

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