Rockhopper says Argentina comments not expected to affect Sea Lion development.
Rockhopper Exploration said on Friday that recent comments from Argentine president Javier Milei regarding the Falkland Islands and the Sea Lion oil project were not expected to have a material impact on the development or its timetable.
Source: Sharecast
The AIM-listed oil and gas company issued the statement following media reports and an update from Sea Lion operator Navitas Petroleum.
Navitas said the Sea Lion partnership operates under valid petroleum licences granted by the Falkland Islands government, with the “full and ongoing support” of the UK government.
It added that recent developments were “not expected to have a material effect on the development activities of the Sea Lion Project, including the timetable for completion of the Project's development”.
The statement followed a speech by Milei overnight in which he pledged to enforce tougher sanctions against oil companies drilling in the Falklands waters over which Argentina claims sovereignty.
Rockhopper holds a 35% interest in licences in the North Falkland Basin, where the partners have sanctioned development of the Sea Lion field, which was originally discovered by Rockhopper in 2010.
The company said the licences under which the partnership operates were lawfully granted by the government of the Falkland Islands, a self-governing UK Overseas Territory.
Rockhopper shares were down nearly 6% at 73.4p by 1459 BST.
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