A decade after Premier bought most of the rights to the Falkland Islands Sea Lion oil discovery, which includes proven oil resources (C2) of about 513 million barrels, its current controlling owner, Harbor Energy, is coming out of the investment and transferring its share to the oil partnership
Navits Peter Yahsh
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In exchange for making loans to the British Rockhopper, the developer of the project, which will continue to hold 35% of it. The first loan will be up to the final investment decision stage (FID), with a deadline for another 5 years (and an option to extend by 18 months) and the second will be transferred if Rockhopper does make the final investment decision, and will be 66% of Rockhopper’s share capital required for project development.
Against the loans, Rockhopper’s rights in the project will be encumbered in favor of Navits. The loans will be repaid from the first free cash flow that will result from it. If the investment decision is not made within the allotted time, the share received by Navits in the project will be transferred to Rockhofer, while repaying the loans made to it. Navits will receive $ 6 million upon fulfillment of the conditions precedent and completion of the transaction as well as rights to additional discoveries and exploration licenses in the area. Another is a picture instead of Harbor Energy for the project operator.
On the time given until an investment decision is reached, it was argued that “this significant period of time will allow Navits to promote efficient and optimal planning of the project, work to formulate a financing package for its development and even examine the addition of another partner / operator to the project.”
The discovery is located about 220 km north of the shores of the Falkland Islands in the southwest Atlantic. The oil property was first discovered in 2010 by Rockhofer. The company acquired investments in the total amount of about $ 700 million, which can be used for tax purposes at the beginning of production, the company’s report states.
Chairman of Navits, Gideon Tadmor: “Navits is once again implementing the strategy of a chance entry into a proven mega-discovery before development with the intention of leading to its development and carrying significant value to the partnership.
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