Rockhopper Exploration PLC (AIM:RKH) said the value of its interest in the Sea Lion development has risen sharply after an updated independent assessment incorporated more resources and the accelerated development of the field's Central Development Area.
It comes as JV partner Navitas is advancing plans to accelerate and expand efforts into the Falklands field's Central Development Area (CDA), with an additional FPSO (floating production storage and offloading) vessel, with a project that Rockhopper recently noted would require additional funding.
The Netherland, Sewell & Associates evaluation increased the NPV10 attributable to Rockhopper's 35% interest across 2P reserves and development-pending 2C resources by around $788 million compared with the December 2025 assessment.
Based on the figures published, those categories now carry a combined NPV10 of roughly $2.96 billion.
The field's gross 2P reserves stand at 314.3 million barrels, equivalent to almost 110 million barrels net to Rockhopper, with an NPV10 of $1.18 billion.
Gross 2C contingent resources total 626.1 million barrels, or 219.1 million barrels attributable to Rockhopper, while development-pending 2C resources have an NPV10 of $1.78 billion.
The latest evaluation incorporates the accelerated Central Development Area, which the operator intends to develop using the OSX-1 FPSO, alongside updated commodity-price assumptions.
Rockhopper holds a 35% interest in Sea Lion in the North Falkland Basin, where development has been sanctioned.
