Rockhopper Outlines Sea Lion Development Costs

Source: www.gulfoilandgas.com 2/6/2014, Location: South America

Rockhopper Exploration plc, the North Falkland Basin oil and gas exploration company, advises shareholders that Premier Oil will provide an update on the Sea Lion Development at a Capital Markets Day.

The following details of the Sea Lion Development using a Tension Leg Platform ("TLP") concept will be disclosed:

Costs (unescalated in 2013 money):
It is estimated capital costs (gross) for Phase 1 of the Sea Lion development will total $5.2 billion comprising $3.5bn for surface facilities and $1.7bn for drilling. Capital expenditure to first oil is expected to be $3.8bn. Annual operating expenditure (gross) is expected to average $260 million including Floating Storage Unit rental and well interventions.

Schedule:
Premier Oil expects to award the Front End Engineering and Design contracts in 2Q 2014 and to submit the draft Field Development Plan at the end of this year. Also at the end of this year, Engineering Procurement and Construction contracts will be awarded. Field sanction is anticipated in 2Q 2015. Rockhopper continues to anticipate first oil 3˝ to 4 years after project sanction.

Resources
Phase 1 of the Sea Lion Development is expected to recover 293 mmbbl over 25 years.


Denmark >>  8/3/2022 - Norwegian Energy Company ASA (“Noreco” or the “Company”) has today published an update on the Tyra Redevelopment Project (“Tyra II” or the “Project”) ...
United Kingdom >>  7/31/2022 - Ping Petroleum UK has reaffirmed its commitment to develop the Avalon Field, in the Central North Sea, with rejuvenation plans for the Hummingbird FPS...

Angola >>  7/28/2022 - As part of the rollout of its multi-energy strategy in Angola, TotalEnergies announces the launch of the Begonia oil field, and Quiluma and Maboqueiro...
Norway >>  7/25/2022 - Neptune Energy today announced the safe and successful drilling of four development wells on the operated Fenja field in the Norwegian Sea, in prepara...

United Kingdom >>  7/25/2022 - BG International Limited, an affiliate of Shell U.K. Limited, has taken the final investment decision (FID) to develop the Jackdaw gas field in the UK...
Cyprus >>  7/21/2022 - The Republic of Cyprus' Ministry of Energy, Commerce, and Industry and Chevron hereby declare their mutually beneficial partnership in the development...

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