Production

Rockhopper given more time for offshore Falklands license studies

Nov. 30, 2022

The Falkland Islands government has extended Rockhopper Exploration’s production licenses in the offshore South Falkland basin by two years until Dec. 3, 2024.

Offshore staff

As a result of the merger with FOGL, Rockhopper has material interests in licenses to the South and East of the Falkland Islands.

LONDON — The Falkland Islands government has extended Rockhopper Exploration’s production licenses in the offshore South Falkland basin by two years until Dec. 3, 2024.

Rockhopper CEO Samuel Moody said, "Whilst our primary focus is on working with Navitas to bring the Sea Lion development in the North Falkland basin to fruition, this extension will enable us to progress our understanding of these highly prospective licenses in the south—in particular, the PL011 license, which adjoins the Borders & Southern Darwin [gas-condensate] discovery—which offer the opportunity for future regional development in the Falklands."

Borders & Southern has raised £2.5 million ($3 million) to advance studies for its planned development of Darwin, thought to contain more than 3 Tcf of gas and 462 MMbbl of liquids, split across Darwin East & West.

Management believes a phased development project with initial production of 26,000 bbl/d from Darwin East could deliver NPV10 of $4/bbl to $10/bbl, in an oil price environment of $60-$90/bbl.

Borders & Southern Petroleum CEO Howard Obee said, “This fundraising will allow us to advance further technical and commercial studies for a potential appraisal and development of Darwin via a conventional FPSO and phased development concept.

"This is a period of elevated worldwide energy prices and increasing global E&P activity, and Darwin is a large undeveloped discovery with attractive scoping economics.

11.30.2022