Premier Oil has agreed to farm into 60% of Rockhopper’s license interests offshore the Falkland Islands, including the Sea Lion oil and gas development.
Offshore staff
LONDON – Premier Oil has agreed to farm into 60% of Rockhopper’s license interests offshore the Falkland Islands, including the Sea Lion oil and gas development.
This will involve an initial cash payment of $231 million, an exploration carry of up to $48 million, and subject to approval of the development plan, a development carry of up to $722 million.
Additionally, the two companies have agreed to pursue jointly further exploration opportunities around the Falkland Islands and in analogous plays offshore southern Africa.
The company says the farm-in will bring in about 200 MMbbl of discovered 2C resources, and 175 MMboe of risked prospective resources. Once onstream, the Sea Lion development is expected to add 50,000 b/d of oil to the company’s global production.
