Rockhopper Exploration (AIM:RKH), the AIM-listed oil and gas company with a 35% interest in the North Falkland Basin's Sea Lion field, said an updated independent technical report has increased both gross resource volumes and the project's net present value.
The report, prepared by Netherland, Sewell & Associates and effective 31 July, was compared against the company's previous NSAI evaluation from December 2025.
The 2P plus 2C net present value of Rockhopper's 35% interest rose by approximately $788 million, reflecting the newly accelerated Central Development Area, which the operator plans to bring onstream using the OSX-1 FPSO, alongside updated oil price assumptions.
Proved plus probable (2P) reserves attributable to Rockhopper's working interest stand at 1.18 million.4 thousand barrels, with a discounted future net revenue (NPV10) of $1.45 million.3 thousand.
Best-estimate (2C) contingent resources on a working interest basis carry an undiscounted cash flow of $6.04 billion and an NPV10 of $1.78 billion, based on development-pending volumes tied to the CDA Phases 1 and 2 and Northern Development Area Phase 3.
The development scenario assumes the Aoka Mizu FPSO lease ends once field-level production falls below 125,000 barrels of oil per day, leaving OSX-1 to service the field alone.
Rockhopper discovered Sea Lion in 2010 and has sanctioned its development in the North Falkland Basin.
News Intelligence what this means for the company
An updated independent reserves report lifted the net present value of Rockhopper's 35% Sea Lion stake by $788 million, driven by an accelerated Central Development Area plan and higher resource volumes. This materially strengthens the project's economics ahead of first oil targeted by end of 2030, and comes as the company pursues a capital raise to fund development.
The $788m NPV uplift is substantial relative to Rockhopper's market position as a 35% non-operator stakeholder in a sanctioned field. The accelerated CDA scenario and revised oil price assumptions now underpin the project's value case, though execution risk on the 2028–2030 development timeline and commodity price sensitivity remain.
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