Rockhopper Exploration plc said it had signed legally binding definitive documentation for Harbour Energy plc to exit and Navitas Petroleum LP to enter the North Falkland Basin.
TRANSACTION
The deal will see Navitas acquire Premier Oil Exploration and Production Ltd, the company in which Harbour Energy plc holds all of its Falkland Islands licences.
Rockhopper (35%) and Navitas (65%) will seek to align working interests across all their North Falkland Basin petroleum licences subject to all necessary consents.
Navitas, which will also provide loan funding to Rockhopper, will become the operator on completion.
| Licence | Rockhopper | Navitas as Operator |
| PL003 | 35% | 65% |
| PL004 | 35% | 65% |
| PL005 | 35% | 65% |
| PL0032 | 35% | 65% |
| PL0033 | 35% | 65% |
SEA LION
The two companies expect to begin technical work in relation to a lower-cost, alternative development for Sea Lion.
OIL PRICE
“Subject to regulatory consents, we believe this marks the start of a new exciting chapter for the Falklands, and for the Sea Lion project in particular,” added chief executive Samuel Moody.
“Navitas’ US$1 billion Shenandoah financing in 2021 proved their ability to fund challenging offshore oil and gas developments.
“Given this, coupled with a more positive oil price environment, we are very excited to have them as new partners and look forward to pushing ahead with Sea Lion, a world class resource.”
One Reply to “Rockhopper signs binding deal over Falkland licences”
Comments are closed.