Rockhopper Exploration plc said on Sunday it will seek to raise capital to fund its 35% share of the acquisition of a second floating production storage and offloading vessel (FPSO) for the Sea Lion oil project in the North Falkland Basin.
The company, which holds a 35% stake in the OSX-1 FPSO, will pursue a placing of new ordinary shares to new and existing investors alongside an open offer to existing shareholders. Rockhopper said it has received indications of interest from existing and potential new investors to support the capital raise. The OSX-1 is expected to be acquired in September 2026 for approximately $125 million, excluding upgrade costs.
Navitas Petroleum LP, the project operator, exercised an option to acquire the second FPSO through a special purpose vehicle, with Rockhopper funding its share of the cost. The acquisition is part of a broader expansion of the Sea Lion project, which includes the Central Development Area (CDA) and Northern Development Area (NDA).
The CDA Phase 1 work program calls for 20 wells, with Phase 2 adding 18 more, targeting a production capacity increase of 125,000 barrels of oil per day (bopd) in total. Rockhopper’s net production capacity from the project is expected to reach 43,750 bopd.
Navitas plans to submit the CDA development plan and final investment decision in the first half of 2028, with Phase 1 production targeted by the end of 2030. The NDA Phase 1 is on track for first oil in the first quarter of 2028.
Rockhopper’s reserves and resources report, published in February 2026, assumed a long-term Brent crude oil price of $76 per barrel. The company noted a 39% increase in discounted cash flow attributable to Navitas compared to the previous report.
