According to official reports from late-August 2019, Premier Oil is looking for a farm-out partner for the planned Sea Lion field development in its PL 32 license. The company operates the block with 60% equity, while Rockhopper Exploration holds the remaining 40%. It was said that the companies also plan to secure a loan by Q4 2019 to fund the first phase of the development plan of the field, which is expected to develop 250 MMbo (up from prior reports at 220 MMbo) over a 20-year period starting in 2020 with peak production predicted at 85,000 b/d with associated capex to first oil estimated at approximately USD 1.8 billion.  PL 32 block covers 540.7 sq km of area in offshore North Falkland Basin.  Latest reports from Premier and Rockhopper indicated that Front End Engineering and Design (FEED) phase for Sea Lion field was completed in Q1 2019. The companies entered into several service agreements during 2018 in preparation for the anticipated project, although Environmental Impact Statement for the project is still awaiting approval from the Falkland Islands government as of July 2019.  Background Information  According to resource estimation done in May 2016, the Sea Lion field is estimated to hold 1,667 MMb of oil in place, with discovered 2C and 3C resources standing at 517 MMbo and 900 MMbo, respectively.
According to official reports from late-August 2019, Premier Oil is looking for a farm-out partner for the planned Sea Lion field development in its PL 32 license. The company operates the block with 60% equity, while Rockhopper Exploration holds the remaining 40%. It was said that the companies also plan to secure a loan by Q4 2019 to fund the first phase of the development plan of the field, which is expected to develop 250 MMbo (up from prior reports at 220 MMbo) over a 20-year period starting in 2020 with peak production predicted at 85,000 b/d with associated capex to first oil estimated at approximately USD 1.8 billion. PL 32 block covers 540.7 sq km of area in offshore North Falkland Basin. Latest reports from Premier and Rockhopper indicated that Front End Engineering and Design (FEED) phase for Sea Lion field was completed in Q1 2019. The companies entered into several service agreements during 2018 in preparation for the anticipated project, although Environmental Impact Statement for the project is still awaiting approval from the Falkland Islands government as of July 2019. Background Information According to resource estimation done in May 2016, the Sea Lion field is estimated to hold 1,667 MMb of oil in place, with discovered 2C and 3C resources standing at 517 MMbo and 900 MMbo, respectively.