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Home | February 2014 Please tell us what you think of this article. Tell a friend Print Friendly

Falklands : Rockhopper Exploration plc Publishes Sea Lion Update
Submitted by Falkland Islands News Network (Juanita Brock) 08.02.2014 (Article Archived on 08.03.2014)

Rockhopper Exploration PLC has advised shareholders that Premier Oil on Thursday provided an update on the Sea Lion Development at a Capital Markets Day.

Rockhopper Exploration plc Publishes Sea Lion Update

By J. Brock (FINN)

Rockhopper Exploration PLC has advised shareholders that Premier Oil on Thursday provided an update on the Sea Lion Development at a Capital Markets Day.

The advice was that it is estimated capital costs (gross) for Phase 1 of the Sea Lion development will total $5.2 billion comprising $3.5bn for surface facilities and $1.7bn for drilling. Capital expenditure to first oil is expected to be $3.8bn. Annual operating expenditure (gross) is expected to average $260 million including Floating Storage Unit rental and well interventions.

Premier Oil expects to award the Front End Engineering and Design contracts in 2Q 2014 and to submit the draft Field Development Plan at the end of this year. Also at the end of this year, Engineering Procurement and Construction contracts will be awarded. Field sanction is anticipated in 2Q 2015. Rockhopper continues to anticipate first oil 3 to 4 years after project sanction.

 

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