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Rockhopper Exploration says Navitas still keen on Sea Lion investment
StockMarketWire.com
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Oil company Rockhopper Exploration said Navitas Petroleum remained committed to a proposed investment in the Sea Lion project offshore the Falklands Islands following news that project partner Premier Oil was being acquired by Chrysaor.
Rockhopper, Premier and Navitas had agreed to extend the exclusivity period for the farm-in to the earlier of 30 September 2021; the execution of definitive transaction documents, or a decision by Navitas not to proceed with the farm-in.
That decision was made 'in order to enable the merger to complete and the new management of the combined entity to make a firm decision on the Sea Lion project', Rockhopper said.
Rockhopper's share of Sea Lion project costs would continue to be borne by Premier under the same terms as previously announced.
Discussions were also continuing with the Falkland Islands government around a possible extension to licences PL004 and PL032, which currently expire in May 2021.
'We will work closely with all stakeholders over the coming months to maximise the chance of securing the farm out and project sanction of Sea Lion,' chief executive Samuel Moody said.
'We believe that the opportunity to invest in a 500 million barrel fully appraised and engineered project with material additional upside at this point in the cycle presents a compelling opportunity, and one which would lead us towards unlocking the value within the project long-awaited by all stakeholders.'
Story provided by StockMarketWire.com
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