REG - Rockhopper Exp plc - Sea Lion Operator’s Update

Rockhopper ExplorationAnnouncement

Wed 08:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260520:nRST0832Fa&default-theme=true

RNS Number : 0832F  Rockhopper Exploration plc  20 May 2026

20 May 2026

Rockhopper Exploration plc

("Rockhopper" or the "Company")

 

Sea Lion Operator's Update

 

Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key
interests in the North Falkland Basin ("NFB"), notes the recent update
published by Navitas Petroleum LP ("Navitas" or the "Operator") on Sea Lion
development progress.

 

As previously disclosed the first two phases of the Sea Lion development is
set to use an FPSO, being the Aoka Mizu, which shall have production capacity
of 55k bopd (19.25k bopd net to Rockhopper). Navitas has today provided an
update that it is investigating accelerating the development of subsequent
phases of the Sea Lion development and has accordingly signed a Memorandum of
Understanding ("MOU") for an additional FPSO which could increase the Sea Lion
production capacity by a further 125,000 bopd (43.75k bopd net to Rockhopper).
There is no guarantee that this MOU will convert to legally binding
agreements.

 

Navitas has also updated that due to the conflict in Iran, it has decided to
change the location for the upgrades of the Aoka Mizu FPSO from the Middle
East to Asia. This change will add an approximate US$45 million to the current
development budget.  Rockhopper benefits from a loan from Navitas covering
2/3 of its 35% equity requirement for Phase 1 of the Sea Lion development.
Accordingly, the net increase in Rockhopper's equity costs is US$5.25 million
and Rockhopper remains funded for Phase 1 of the project.

 

Navitas reports other progress on the Sea Lion development as follows:

·   The development works on the Falkland Islands have commenced and at
this stage are focused on preparing the dock and shore base. 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.

·    The manufacturing of long lead items for the Phase 1 is ongoing.

·    In early May 2026, the owner of the Aoka Mizu FPSO provided an update
that production by the current operator had concluded and, 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.

 

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."

 

 

Enquiries:

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Tel. +44 (0)20 7390 0230 (via Vigo Consulting)

 

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor / James Asensio / Charlie Hammond

Tel. +44 (0)20 7523 8000

 

Peel Hunt LLP (Joint Broker)

Richard Crichton / Georgia Langoulant

Tel. +44 (0)20 7418 8900

 

Vigo Consulting

Patrick d'Ancona / Ben Simons / Fiona Hetherington

Tel. +44 (0)20 7390 0234

 

 

Notes to Editors

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 licences 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.

 

For more information, visit the Company's website at
www.rockhopperexploration.co.uk (http://www.rockhopperexploration.co.uk) .

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFIFLDESIIFIR



            Copyright 2019 Regulatory News Service, all rights reserved