Business
Sea Lion & Other Corporate Updates
Sea Lion & Other Corporate Updates.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n \n \n \n The information contained within this Announcement is deemed by Rockhopper Exploration plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\").\n \n \n \n \n \n \n 23 March 2023\n \n \n \n Rockhopper Exploration plc\n \n \n (\"Rockhopper\" or the \"Company\")\n \n \n \n \n \n Sea Lion & Other Corporate Updates\n \n \n Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin,\n notes the recent update published by Navitas Petroleum LP (\"Navitas\" or the \"Operator\") on Sea Lion development progress, which included an independent resource report conducted by Netherland Sewell & Associates (\"NSAI\") (the \"NSAI Independent Report\"), showing reduced upfront capex, reduced life of field costs, and increased recoverable resources.\n \n \n Rockhopper had previously highlighted that there was scope to reduce the overall capex, including the pre first oil capex, of the Sea Lion development. Rockhopper has been presented by Navitas a revised development plan and has been provided the associated NSAI Independent Report. The key highlights from this work and other corporate updates are provided below.\n \n \n \n \n \n \n Sea Lion Phase 1 and 2 Development\n \n \n \n \n \n \n Highlights of the new Sea Lion development\n plan\n , as provided by the Operator, assuming a leased FPSO and a 100% working interest, are as follows:\n \n \n \n \n \n \n \n \n 2C Contingent Resources (Development Pending) phase 1 and 2 development concept\n \n \n \n \n \n \n \n \n ·\n 23 wells\n \n \n o \n Phased drilling\n \n \n o \n 18 wells in phase 1 with 11 of them pre first oil\n \n \n o \n Five additional wells in phase 2, approximately 42 months post first oil\n \n \n ·\n Total barrels developed: 269 million\n \n \n ·\n Plateau production rate: 80,000 bbls/d\n \n \n ·\n Peak rate: 100,000 bbls/d\n \n \n ·\n Total capex: US$2.2bn\n \n \n ·\n Phase 1 capex: US$1.8bn\n \n \n ·\n Pre first oil capex: US$1.3bn\n \n \n \n \n \n \n \n \n Per barrel cost - life of field\n \n \n \n \n \n \n ·\n Capex: US$7.50\n \n \n ·\n Opex: US$20.10\n \n \n ·\n Total cost: US$27.60\n \n \n \n \n \n ...