Business
Sea Lion Development update
Sea Lion Development update.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 7810X Rockhopper Exploration plc 16 January 2014 \n \n\nFor immediate release: Thursday, 16 January 2014\n \nRockhopper Exploration plc\n(\"Rockhopper\" or the \"Company\")\n \nSea Lion Development update\n \nRockhopper Exploration plc (AIM: RKH), the North Falkland Basin oil and gas exploration company, is pleased to announce that it has completed the concept selection process for the Sea Lion Development with partner Premier Oil (\"Premier\").\n \nPremier as Operator of the field has recommended the Tension Leg Platform option as the most suitable technical and commercial solution for the development of Sea Lion. Rockhopper has been working closely with Premier and agrees with that recommendation. Premier has also indicated that Final Investment Decision is now likely to be taken in the first half of 2015 and Rockhopper continues to expect first oil 3½ - 4 years after project sanction.\n \nIn terms of exploration, the Zebedee, Jayne East, Elaine/Isobel, and Chatham prospects have been matured to drillable status and a rig tender process is underway. This is being conducted in conjunction with other regional operators and includes four firm slots for the Rockhopper / Premier joint venture. Rockhopper expects a contract to be awarded in the first half of this year and the first well to spud in late 2014 or early 2015.\n \nSam Moody, Rockhopper Exploration's Chief Executive Officer said:\n \n'We are pleased to have reached another significant milestone in the commercialisation of the Sea Lion Field. The Tension Leg Platform provides operational and commercial advantages over the FPSO alternative and it was worth taking the extra time needed to evaluate the option. We now move forward into the Front End Engineering and Development stage with a view to making a final investment decision in 2015.'\n \nEnds.\n \nEnquiries:\n \nRockhopper Exploration plc\nTel: 0207 016 9571\nSam Moody - Chief Executive (via Vigo Communications)\nPeter Dixon-Clarke - Finance Director\n \nCanaccord Genuity Limited (NOMAD and Joint Broker)\nTel: 0207 523 8000\nHenry Fitzgerald-O'Connor\n \nVigo Communications\nTel: 0207 016 9571\nPeter Reilly\nPatrick d'Ancona\n \n \nNotes to Editors:\n \nRockhopper was established in February 2004 with a strategy to invest...