Falklands : FIG Optimistic about Rockhopper/Premier Oil Farm-in Agreement
Submitted by Falkland Islands News Network (Juanita Brock) 14.07.2012 (Article Archived on 28.07.2012)
The Falkland Islands Government os optimistic about news of a farm-in agreement between Rockhopper Exploration plc and Premier Oil plc.
FIG Optimistic about Rockhopper/Premier Oil Farm-in Agreement
By J. Brock (FINN)
The Falkland Islands Government os optimistic about news of a farm-in agreement between Rockhopper Exploration plc and Premier Oil plc. Conditionally Premier Oil are acquiring a 60% stake in Rockhopper Exploration's interests in the Falkland Islands under a farm-in deal that will finance the development of the Sea Lion field in the North Falkland Basin.
“We are delighted by the news that Premier Oil plc is joining forces with Rockhopper Exploration to develop the Sea Lion field. It opens the next chapter in the story of Falklands offshore activity, it brings another capable and well-funded partner into the region, and it confirms our belief that the Falklands offers an exciting range of opportunities for the oil industry. FIG will continue to work closely with both Rockhopper and Premier Oil to move the Sea Lion field forwards towards production." Stephen Luxton, Director of Mineral Resources for the Falkland Islands Government said:
“This is fantastic news for the oil industry and the Falkland Islands, and is something we have been anticipating since Rockhopper announced their commercial discovery in the Sea Lion field. This announcement clearly demonstrates how positively industry view prospects in the Falkland Islands. The Falkland Islands are an excellent investment destination, and we look forward to working further with industry over the coming years.” Hon. Dr Barry Elsby, Member of the Falkland Islands Legislative Assembly said:
This excellent news follows months of speculation as to who would be Rockhopper’s farm-in partners. Also named as possible partners were Anadarko, Heritage Oil and Cairn Energy.