Corrected: Rockhopper reaffirms 2028 first oil target for Falklands' Sea Lion despite Argentina pressure
CORRECTED-Rockhopper reaffirms 2028 first oil target for Falklands' Sea Lion despite Argentina pressure Corrects Navitas stake to 65% from 75%
LONDON, Sept 30 (Reuters) - Rockhopper RKH.L, an oil company focused on the self-governing British overseas territory Falkland Islands claimed by Argentina, said on Wednesday its Sea Lion project remains on track for first oil in the first quarter of 2028.
Argentina's government has ratcheted up pressure on companies operating in the Falklands this month, including by presenting a bill to revamp 2011 sanctions legislation with a tougher regime and stronger sanctions aimed at companies and their shareholders and suppliers.
Rockhopper holds 35% in Sea Lion, Tel Aviv-listed Navitas NVPTp.TA holds 65%.
Proved and probable reserves at Sea Lion estimated at 314 million barrels of oil, according to a report by Netherland, Sewell & Associates.
First phase of Sea Lion to be produced through Aoka Mizu floating production, storage and offloading vessel (FPSO), while the second phase, with a final investment decision targeted for 2028, will be produced through the OSX-1 FPSO purchased by Navitas in August and first oil in 2030, Rockhopper said.
Both FPSOs could bring Sea Lion output to 180,000 bpd, according to Rockhopper.
A capital hike raising $200 million provides funding through to mid-2028, Rockhopper said.
(Reporting by Shadia Nasralla, Editing by Louise Heavens)