Rockhopper Exploration has secured a significant technical milestone at its Sea Lion field in the North Falkland Basin, with independent engineers NSAI reclassifying substantial volumes from contingent resources into the reserves category following the company’s Final Investment Decision in December.
The reclassification covers Phases 1 and 2 of the Northern Development Area. On a 2P basis, gross recoverable reserves now stand at 313.8 million barrels, with Rockhopper’s 35% working interest share coming in at just under 110 million barrels.
The undiscounted future net revenue attributable to their interest is estimated at just over $3.1 billion, or $965.8 million on an NPV10 basis.
At the 1P level, proved undeveloped reserves attributable to Rockhopper are 80.7 million barrels with an NPV10 of $720.9 million, while the 3P case increases the working interest to 142.9 million barrels and the NPV10 to $1.27 billion.
The project is undergoing preparatory work, with a target of first oil in 2028.
Rockhopper says its cash position of approximately $179 million as at the end of December is expected to cover its share of Phase 1 capex.
“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,” said Sam Moody, Chief Executive Officer of 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.”