Rockhopper and Navitas shares fall as operators defend Sea Lion timetable
Shares in the two companies developing the Sea Lion field off the Falklands fell on Friday after Argentine President Javier Milei announced he would tighten sanctions on firms operating around the archipelago without authorization from Buenos Aires. Both companies responded with a joint statement saying they do not anticipate any impact on the project's development.
Shares in Rockhopper Exploration and Navitas Petroleum, the companies developing the Sea Lion field off the Falkland Islands, fell on Friday following Argentine President Javier Milei's announcement to tighten sanctions on unauthorized operators. Both companies responded with a joint statement asserting they do not expect any impact on the project's development and timeline.
Rockhopper's stock dropped over 10% on the London Stock Exchange, while Navitas' shares declined around 2.3% on the Tel Aviv exchange. The companies maintain that their operations are authorized by the Falkland Islands government and supported by the UK government. Milei announced a decree to expedite sanctions and bar the companies, their shareholders, directors, and suppliers from operating in Argentina.
The Sea Lion project, located 220 kilometers north of the archipelago, is scheduled for early 2027 drilling and first oil production in 2028. Navitas holds a 65% stake in the project, while Rockhopper owns 35%.
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