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Rockhopper Exploration PLC - Salisbury, England-based oil and gas miner with key interests in the North Falkland Basin - Says that Navitas Petroleum LP, the operator of the Sea Lion project offshore the Falkland Islands, is changing the location for upgrades of the Aoka Mizu floating production storage & offloading (FPSO) vessel from the Middle East to Asia due to the conflict in Iran, which will add about $45 million to the current development budget and increase Rockhopper’s equity costs by net $5.3 million. Company remains funded for phase 1 of Sea Lion works. Also, Navitas has signed a memorandum of understanding to obtain another FPSO. Company says this could increase the Sea Lion production capacity by a further 125,000 barrels of oil per day, of which 43,750 bopd would be net to Rockhopper. This would be in addition to the Aoka Mizu’s capacity of 55,000 bopd with 19,250 bopd net to Rockhopper. Rockhopper also says development works on the Falklands have started, and long lead item manufacturing for phase 1 is ongoing. Adds that drilling and completion are scheduled to start at the beginning of 2027, with first oil still expected in the first half of 2028. Current stock price: 80.00 pence, up 1.4% in London on Wednesday 12-month change: up 49% Copyright 2026 Alliance News Ltd. All Rights Reserved.
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