Sam Moody, CEO of Rockhopper, commented: The Project continues to build momentum with significant progress being made across key areas, all with the aim of moving into the execution phase post sanction.
The PIM submission in late July has kicked off the formal application process for the senior debt financing guarantees for which we expect initial feedback in Q4 2019.
Sea Lion Project Update
Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with key interests in the North Falkland Basin and the Greater Mediterranean region, is pleased to provide a progress update regarding its Sea Lion development (the “Project”), in line with updates being provided today by Premier Oil plc (Project operator).
Highlights
· Through the post-FEED optimisation process, the Project has been substantially de-risked from a technical, cost and schedule perspective
· Resources to be developed in Phase 1 of the Project have increased from 220 to 250 million barrels (gross) with associated capex to first oil estimated at approximately US$1.8 billion (gross)
· Key service and supply contracts are nearing final agreement in preparation for execution at Project sanction
· Continued focus on securing senior debt funding ahead of final investment decision
· Preliminary Information Memorandum (“PIM”) and comprehensive set of independent expert reports, which formed the basis of a financing guarantee application package for the senior debt component of the Project financing, were submitted to potential senior lenders including export credit agencies in July 2019
