Sea Lion Independent Recoverable Reserves and Resources Evaluation
Rockhopper Exploration plc has released an updated independent technical report from Netherland, Sewell & Associates, Inc. (NSAI) for its Sea Lion field, effective 31 December 2025.
The report upgrades volumes within the Northern Development Area (NDA) Phases 1 and 2 from Contingent Resources to Reserves, following the company’s Final Investment Decision in December 2025.
Rockhopper retains a 35% working interest in the project, with Proved Undeveloped (1P) reserves estimated at 80,735.4 MBBL and Proved plus Probable (2P) reserves at 109,843.2 MBBL. The 2P reserves carry a Net Present Value (NPV10) of approximately $965.8 million.
The company reported an unaudited cash balance of around $179 million as of year-end 2025, which is expected to cover its share of Phase 1 development costs. First oil production is targeted for early 2028.
Bluewater, the FPSO operator, has served notice on the Aoka Mizu FPSO and the vessel is expected to leave its current location in mid-2026 ahead of a period of refurbishment work prior to deployment at Sea Lion.
Sam Moody, Chief Executive Officer of Rockhopper, commented:
“We are delighted to book in excess of 100 million barrels of 2P reserves following the sanction of Sea Lion Phase 1 – another milestone for Rockhopper. The new NSAI report independently confirms the significant value we are now on the path to unlocking. Navitas, our Operator, has recently reported good progress on the project and has reiterated its target for first oil in early 2028.”
