Rockhopper Exploration plc, the oil and gas exploration and production company with key interests in the North Falkland Basin, is pleased to announce that, further to the signing of definitive documentation as announced on 19 April 2022, the transaction enabling Harbour Energy plc ("Harbour") to exit and Navitas Petroleum LP through its UK subsidiary ("Navitas") to enter the North Falkland Basin with a 65% stake in, and operatorship of, all of Rockhopper's North Falkland Basin licences (the "Transaction"), has completed.
Samuel Moody, CEO, commented:
"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.
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."
