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January 7, 2020updated 03 Aug 2020 12:45pm

Rockhopper signs deal for Sea Lion oil field with Premier Oil, Navitas

The UK-based oil and gas exploration and production firm Rockhopper Exploration has signed Heads of Terms (HoT) with Premier Oil Exploration and Production and Navitas Petroleum for a 30% stake in the Sea Lion oil field project.

By Himaja Ganta

The UK-based oil and gas exploration and production firm Rockhopper Exploration has signed Heads of Terms (HoT) with Premier Oil Exploration and Production and Navitas Petroleum for a 30% stake in the Sea Lion oil field project.

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Located in the Falkland Islands off the Argentinean coast, the Sea Lion oil field is part of the exploration licence PL032 in the North Falkland Basin.

Premier will have a 40% operated interest in licenses across the Sea Lion oil field. Rockhopper and Navitas will each hold a 30% interest in licences PL032, PL004b and PL004c.

According to Rockhopper, the deal will strengthen the Sea Lion joint venture (JV) and increase the likelihood of a successful senior debt project financing for the first phase of the field development.

Rockhopper Exploration CEO Samuel Moody said: “We will be delighted to welcome Navitas to the Sea Lion oil field and regard their joining as an important catalyst as well as industry endorsement of Sea Lion’s scale (independently audited 2C resources of c.520 mmbbls) and potential (NPV10 at first oil c.$4bn).

“Furthermore, we are obviously very pleased to announce that all of our project costs are being covered from the start of 2020 and in the event of a successful sanction that they will continue to be covered through to Phase 1 Project Completion (estimated nine to 12 months after first oil) while maintaining a very material 30% stake in the Sea Lion project along with additional upside in the PL004a licence containing the Isobel discovery.”

Rockhopper expects to receive up to $48m worth of contingent consideration from Premier and Navitas on future development phases in the North Falkland Basin site.

The companies involved expect the finalisation of a sale and purchase agreement during the first quarter of this year. Completion of the transaction is subject to necessary regulatory approvals and expected during the second quarter.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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