Business
Final Investment Decision on Sea Lion
Rockhopper Exploration plc has announced a final investment decision for Phase 1 of the Sea Lion field development, with partner Navitas Petroleum also sanctioning the project. The total post-FID funding requirement is US$1.8 billion to First Oil, financed through US$1.0 billion in senior debt, including US$350 million for Rockhopper, and joint venture equity and post-First Oil cash flows. Rockhopper's net equity requirement is approximately US$112 million. The company has also settled a disputed taxation amount with the Falkland Islands Government for £30 million, payable in instalments. Financial close is expected in the coming weeks, which will trigger the completion of a US$140 million placing and the launch of an open offer. First Oil from Phase 1 is planned for 2028. Disclaimer*
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR IMMEDIATE RELEASE.\n \n \n10 December 2025\n \nRockhopper Exploration plc\n(\"Rockhopper\", the \"Group\" or the \"Company\")\n \nRockhopper Takes Final Investment Decision on Sea Lion\n \nRockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin, is pleased to announce that its Board has taken a final investment decision (\"FID\") relating to the development of Phase 1 of the Sea Lion field (the \"Project\") located offshore to the north of the Falkland Islands and has accordingly now sanctioned the Project. Partner and Operator, Navitas Petroleum Development and Production Limited (\"Navitas\"), has also taken FID relating to the Project.\n \nAs a prerequisite of taking FID, the Boards of both companies have approved the financing arrangements (the \"Financing\") and signed the relevant documentation required to fund Phase 1 of the Project.\n \nFinancial close of the Financing (\"Financial Close\") is subject to a limited number of customary conditions precedent and Rockhopper expects this to occur over the coming weeks.\n \nAll approvals and consents necessary at this stage have now been received for the Project. The Falkland Islands Government (\"FIG\") has approved the field development and production programme for Phases 1 & 2 of the Northern Development Area within the Sea Lion field (the \"FDP\"). Following the approvals, the licences covering Sea Lion will move into the Exploitation Phase, which lasts 35 years, or longer if needed to complete production.\n \nAs noted in the Company's announcement on 31 July 2025, completion of the Company's US$140 million placing (further details of which are set out in that announcement) (the \"Placing\") is subject to each of Navitas and the Company having made a public announcement that FID has been taken and that Phase 1 of the Project has received all regulatory consents and approvals required at this stage, and Financial Close has occurred. As such, a further announcement will be made at the time of Financial Close, at which point it is expected the the Placing will proceed to completion and the previously announced open offer (the \"Open Offer\") will be launched. Further details on the Placing and the Open Offer will be ...