Rockhopper Completes Navitas Transaction
By J Brock (FINN)
Further to signing a definitive document announced by Rockhopper on 19 April 2022, the transaction enabling Harbour Energy plc to exit and Navitas Petroleum LP through its UK subsidiary to enter the North Falkland Basin with a 65% stake in, and operatorship of, all Rockhopper’s North Falkland Basin licences has been completed. The 23 September 2022 announcement published on the London Stock Exchange website states that after Transaction completion the revised licence ownership is as follows:
North Falkland Basin
South Falkland Basin
|Rockhopper as Operator|
“We are delighted to welcome Navitas to the North Falkland Basin as Operator of the Sea Lion development and wider acreage with all of its associated upside. We also thank both the Falkland Islands Government and Harbour for their work on this Transaction and look forward to working with Navitas to bring Sea Lion to fruition,” said Samuel Moody ,Rockhopper’s CEO.
He went on to say that Sea Lion alone is capable of producing at over 120,000 barrels of oil per day with significant upside.
“The proven oil and gas in the Falklands has the potential to form a material part of wider UK energy supply in a relatively short time frame, bringing with it huge potential security of supply and financial benefits for all stakeholders,” Mr Moody concluded.