Rockhopper Exploration says the independent valuation of its stake in the Sea Lion oil field has risen to $2.95 billion, up from $2.16 billion, after Navitas bought a second floating production vessel for the field's Central Development Area and the company raised $200 million in new capital. The $0.79 billion increase in post-tax net present value covers the 2P-plus-2C case in a new report from Netherland, Sewell & Associates (NSAI), dated end July 2026. Rockhopper holds a 35% interest in the North Falkland Basin licenses that include Sea Lion, a field the company discovered in 2010.
Rockhopper describes itself as a UK-based upstream oil and gas company with interests concentrated in the Falkland Islands. The figures above come from its results for the six months ended 30 June 2026.
Northern Development Area on track for 2028
The Northern Development Area phase 1 project, known as NDA 1, was sanctioned in late 2025 and is fully funded. The operator is targeting first oil in the first quarter of 2028. Manufacturing of long-lead items and work on the islands is progressing, and the floating production, storage and offloading vessel, or FPSO, for the project has arrived in Southeast Asia after an initial pre-acceptance survey at a UK shipyard. Drilling is expected to start in early 2027.
A second FPSO for the Central Development Area
Navitas has purchased a second FPSO, the OSX-1, for Sea Lion's Central Development Area. Combined with production from the Northern Development Area, the two vessels could lift total output to about 180,000 barrels a day, Rockhopper says. The operator's target is to take a final investment decision on the Central Development Area in the first half of 2028, with first oil possible in 2030.
Reserves rise, exploration set to resume
The new NSAI report puts Sea Lion's 2P reserves, the proved-plus-probable case, at 110 million barrels, and its 2C resources, a best-estimate case for resources not yet booked as reserves, at 219 million barrels. The operator has said it intends to drill several exploration wells during or at the end of the development campaign. The new NSAI report also highlighted further exploration upside in the basin.
Funded to mid-2028
Rockhopper raised $180 million through a placing and $20 million through an open offer, for $200 million in total. The company says that funds it through to mid-2028, covering spending on NDA 1, the OSX-1 purchase and associated upgrade work, exploration, and a Falkland Islands Government requirement for early-project-failure funding. A previously announced disposal of the company's Italian assets has received all required approvals from the Falkland Islands Government. Approvals from Italian authorities remain outstanding. Rockhopper also added two members to its board during the period: William Perry as chief financial officer and Barak Mashraki as a non-executive director.
Chief executive's view
Chief executive Samuel Moody called it "a landmark period for Rockhopper," pointing to the NDA 1 timeline, the OSX-1 purchase and the capital raise as reasons the company enters the second half of the year "fully funded to first oil."
