In a report published yesterday, the British oil company Rockhopper Exploration plc – as it describes itself: “with key interests in the North Malvinas Basin” – announced “its unaudited results for the six months (of 2024), ended June 30, 2024.”
It is the company that in 2010 acquired from the Kelpers, violating Argentine legislation; an oil exploration license north of the archipelago, and where it found a world-class deposit that they named Sea Lion or Sea Lion . And as it has been announcing since 2023, they will begin to exploit it in 2025 after having associated with the Israeli Navitas , who added a figure close to US$ 1,000 million , to guarantee its development, planning to drill in a first stage, 23 wells and extract in the term of 8 years, 312 million barrels of oil .
Given the volume of its monumental theft, Rockhopper's auspicious official declaration is totally contrary to Argentine interests . On the one hand, because it claims to have a deposit that certifies a quantity in the order of 791 million barrels of oil ; new data supplied by the company, which until last year only recognized the existence of 580 million barrels of oil ; and on the other hand, because it expects to obtain in that period (8 years), gross income in the amount of US$ 4,000 million gross and leave royalties to the usurping government, in the order of US$ 77 million.
MAIN DATA OF THE BUSINESS REPORT
Rockhopper holds a 35% working interest. The remaining 65% is held by Navitas Petroleum Development and Production Limited , the “Operator”.
Sea Lion's initial development targets 312 mmbbls across two drilling campaigns.
Total resource base of Sea Lion 2C 791 mmbbls
Plateau production of up to 55 kbbls/d for an extended period of eight years.
The life of the field costs US$25/bbl.
NPV (Net Present Value) of first development of 312 mmbbls - US$4 billion gross for the joint venture before taxes and after royalties from the Malvina Islands Government of US$77 Brent .
“We welcome the news, announced on September 24”
In his business report , the CEO of the oil company, Samuel Moody , makes room to celebrate the diplomatic commitment of last Tuesday 24th, between the Argentine Foreign Minister Diana Mondino and the Minister of Foreign Affairs of the United Kingdom David Lammy ; which reestablishes the objectives in favor of the colony established in Malvinas through the Foradori-Duncan Agreement of the Macri era.
“Rockhopper is in its best position for some time. Monetizing the prize money offers greater financial flexibility and allows the company to focus on advancing Sea Lion towards approval, which remains our primary goal. We are also We welcome the news, announced on 24 September, of a new general cooperation agreement between the Malvinas and Argentina.
“I would like to thank our team for their continued commitment to driving progress at Rockhopper and our shareholders (Navitas) for their continued support at this exciting time for the Group,” said Samuel Moody.
Navitas is the legal entity that owns and operates Sea Lion and other NFB licenses. The parent and controlling company of the company is Navitas Petroleum LP, a limited company established and registered in Israel and listed on the Tel Aviv Stock Exchange.
