Oil & Gas

Rockhopper signs exclusivity deal for Sea Lion Phase 1

The Sea Lion development is expected to reach sanction later this year.

Oil and gas group Rockhopper has announced that it has signed a Letter of Intent (LOI), giving it exclusivity to Sea Lion Phase 1, in the North Falkland Basin.

The LOI has been entered into with Diamond Offshore Drilling to acquire a suitable drilling unit for the Sea Lion development.

The LOI grants a period of exclusivity until 31 December 2018.

Samuel Moody, chief executive of Rockhopper, said: “2018 has already seen material progress made on our work in moving Sea Lion closer to sanction. We are delighted to have been able to enter into this LOI with Diamond with whom we enjoyed a fantastically successful, safe and cost-effective drilling campaign in the Falklands during 2010 and 2011.

“We believe that teaming up with Diamond is a significant step in our continued progress towards sanction with our partner Premier Oil.  Having already signed LOIs for the provision of well services and logistical support, focus now moves to the sub-sea equipment suppliers where we hope to make progress during the remainder of Q1 as we continue discussions on the senior debt element of the financing plan.”

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