Rockhopper Exploration PLC (AIM:RKH) told investors that the Sea Lion transaction between Harbour Energy and Navitas Petroleum has been completed.
Navitas now holds a 65% interest in five licences in the North Falkland basin, including the Sea Lion project, with Rockhopper retaining 35%.
"We are delighted to welcome Navitas to the North Falkland Basin as operator of the Sea Lion development and wider acreage with all of its associated upside,” said Rockhopper chief executive Samuel Moody.
“We also thank both the Falkland Islands Government and Harbour for their work on this transaction and look forward to working with Navitas to bring Sea Lion to fruition.
“Sea Lion alone is capable of producing at over 120,000 barrels of oil per day with significant upside.
“The proven oil and gas in the Falklands has the potential to form a material part of wider UK energy supply in a relatively short time frame, bringing with it huge potential security of supply and financial benefits for all stakeholders."
Rockhopper, meanwhile, also holds a 100% interest in three licences in the South Falkland basin.