Rockhopper Exploration plc said that the reserves category had been reclassified from contingent resources for its Sea Lion field in the North Falkland Basin.
FPSO
An independent technical report from by Netherland, Sewell & Associates, Inc. follows the final investment decision in December 2025, and is effective from the same date.
The figures cover phases I and II, while subsequent phases of development remain in the contingent category.
Gross proved and probable (2P) reserves now stand at 313,837 million barrels of oil, with Rockhopper’s 35% interest in the field equal to 109,843 mbbl.
Unrisked contingent resources best estimate (2C) resources total gross 603,162 mmbl of which 211,106 mmbl is to Rockhopper.
The company added it held US$179 million cash at the end of 2025, which would meet its share of capital expenditure for phase I.
Cash flow from phase I will fund phase II development, both of which cover Sea Lion’s North and Central development areas using two floating production, storage and offloading vessels.
Rockhopper said that FPSO operator, Bluewater Energy Services, had served notice on Aoka Mizu.
The FPSO is due to leave its current location in the middle of 2026, before undergoing refurbishment and heading for Sea Lion.
“We are delighted to book in excess of 100 million barrels of 2P reserves following the sanction of Sea Lion phase I – another milestone for Rockhopper,” added chief executive officer Sam Moody.
“The new NSAI report independently confirms the significant value we are now on the path to unlocking.
“Navitas, our operator, has recently reported good progress on the project and has reiterated its target for first oil in early 2028.”