Rockhopper says Sea Lion costs slashed. Takes note of UK, Argentina deal

Rockhopper, an independent oil and gas company working in partnership with Premier Oil to bring online the Sea Lion field, located offshore the Falkland Islands, has said the costs have been cut down significantly at the project.

As the partners are working through the front end engineering design (FEED), they have managed to reduce the estimated cash needed to reach first oil to $1.5 billion gross, down from $1.8 billion. This reduces the project’s break-even price to $45 per barrel.

Further cost reductions are being targeted as the FEED progresses, Rockhopper said.

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