An independent reserves report has estimated the Falklands Greater Sea Lion Complex operated by Premier Oil to contain more than half a billion, or more than 500 MMbbl, of 2C or contingent resources. When gas is added to the total, the estimate rises to 747 MMboe, says the firm.
Furthermore, Rockhopper says that, in addition to the discovered resources in the North Falkland Basin, including Sea Lion, it believes there are a large number of near field prospects in the attractive and relatively low risk Isobel / Elaine appraisal area for which estimates of stock tank oil in place and oil prospective resources have been made.
Sam Moody, CEO of Rockhopper, commented: “In our view this new audit confirms the potential of the North Falklands to be a billion barrel basin [best case stock tank oil in place]. The Sea Lion Complex itself holds over half a billion barrels with almost 270 MMbbl of low risk near field upside (including the SL20 west flank in oil-bearing case) which we believe could be assessed with as few as three or four more optimally targeted wells. In addition, the Isobel Elaine discovery has the potential to be a third regional development potentially containing over 500 MMbbl. Combining the well-appraised Sea Lion field, the low risk near field upside and the Isobel Elaine appraisal area, a billion barrels of recoverable oil is within reach within the basin thanks to the outstanding track record of our sub surface team.”
Analysts commented that the oil price remains a hurdle to commercializing the Sea Lion development project.
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