The Aoka Mizu FPSO, currently operating on the Lancaster field West of Shetland, will be redeployed to the Sea Lion project north of the Falkland Islands. Bluewater Offshore has notified its client, and the vessel is expected to leave its UK location in mid-2026 for deployment at Sea Lion in 2028, following a refurbishment for the $2.1 billion project.

Reserve Reclassification and Project Phases

Following a final investment decision, contingent resources for the Sea Lion project's northern development have been converted to recoverable reserves. A technical report confirmed overall resource volumes are consistent with prior estimates but reclassified volumes for the two-phase northern development from contingent resources to reserves. Later project phases remain classified as contingent resources.

Resource and Reserve Estimates

Gross proven and probable reserves for Sea Lion are 314 million barrels, with possible reserves of about 94 million barrels. The best estimate for proven and probable contingent resources is 603 million barrels, an unrisked figure not adjusted for commercial development probability. These estimates are based on a specific Brent oil price forecast.

Financial and Development Outlook

Rockhopper Exploration holds an unaudited cash balance of about $179 million, anticipated to be sufficient for its share of Phase 1 spending centered on the Aoka Mizu. Future development phases may require a second FPSO.