Key facts

  • Rockhopper 35% working interest
  • Navitas Petroleum 65% working interest and Operator

Sea Lion

World scale resource

  • 1.7 billion barrels oil in place
  • Independently audited 500 million barrels of 2C recoverable resources in Sea Lion alone
  • Well understood reservoir
  • Highly marketable crude


  • Material upside, including Isobel-Elaine, a discovered oil field to the south of Sea Lion
  • Technically straightforward FPSO development
  • Extensive project development and engineering complete
  • Supply chain and logistics proven after multiple drilling campaigns

Key Commercial Terms with Navitas

  • Rockhopper benefits from two Navitas loans covering various costs relating to our net 35% working interest in Sea Lion phase 1

Pre FID Loan

  • Available from September 2022 to FID
  • Covers all Rockhopper net 35% Sea Lion phase 1 project costs, excluding licence fees and Rockhopper taxes
  • Repaid from Sea Lion cash flows
  • 8% interest rate

Post FID Loan

  • Available from FID to the earlier of 12 months post first oil or project completion
  • Covers two thirds of Rockhopper’s net working interest Sea Lion phase 1 project costs, excluding licence fees and Rockhopper taxes
  • Repaid from Sea Lion cash flows
  • 0% interest rate

269 mmbbls

phase 1/2 2C resources

80,000 bopd

Plateau production rate


Pre first oil capex


Total capex



23 wells

Phased drilling

Rockhopper has been operating offshore the Falkland Islands continuously since 2004. Having discovered and appraised Sea Lion 100% as Operator in 2010 and 2011, we are a proud long-term partner of the Falklands and our aim has always been to support the rights of the Falkland Islanders to develop their natural resources for their own economic benefit.

In 2012, Rockhopper farmed the Sea Lion project out to Premier Oil who spent approximately $700 million on engineering, exploration and other studies during the period 2012-2021.

In March 2021, Premier completed a merger with Chrysaor to create Harbour. Following a subsequent announcement of Harbour’s intention to not proceed with the Sea Lion project, Navitas Petroleum signed detailed Heads of Terms for Harbour to exit the Falklands and for Navitas Petroleum to farm-in.

In April 2022, Navitas Petroleum confirmed it would acquire all Harbour’s Falkland Islands licences, with a 65% working interest (Rockhopper retaining a 35% working interest). Post the transaction, Sea Lion became Navitas Petroleum’s largest operated development asset, with Sea Lion to benefit from Nativas Petroleum’s expertise in executing and financing large scale oil field developments.

In September 2022, having received all necessary regulatory consents from FIG and the UK Secretary of State, the transaction completed, resulting in Navitas Petroleum entering the North Falkland Basin with a 65% stake in, and operatorship of, all Rockhopper’s North Falkland Basin licences.

In July 2022, the Falkland Islands Government agreed to extend each of the group’s North Falkland Basin Petroleum Licences, including the Sea Lion Discovery Area, until 1 November 2024, with no additional licence commitments. This was followed in December 2022, by an extension to the licences for the group’s South Falkland Basin licences, in which the company holds a 100% interest, until 3 December 2024.

In March 2023, Navitas published an update on Sea Lion, which included an independent resource report conducted by Netherland Sewell and Associates showing reduced upfront capex, reduced life of field costs and increased recoverable resources.