A Wiltshire-based oil exploration firm said it is “on the cusp” of developing a major oil field off the coast of the Falkland Islands. The Salisbury-headquartered AIM-listed company said the transaction for Sea Lion between UK-based Harbour Energy and US gas and oil firm Navitas Petroleum had been completed.
Navitas is acquiring Harbour’s stake in the Sea Lion oil field development project, which is 35% owned by Rockhopper. According to the Wiltshire firm, Sea Lion is capable of producing more than 120,000 barrels of oil per day.
The deal was approved by the UK and Falkland Island governments earlier this year, with the authorities also granting a two-year extension to all licences held by Rockhopper in the North Falkland basin, meaning they will all now run until November 2024.
