Blow for Falklands as Oil Production Plans Set-back
From The Guardian
By Terry Macalister
Shares in the London-listed Rockhopper Exploration fell 18% and Premier Oil 4% in early trading after both firms confirmed that the timetable for developing the Sea Lion field was falling behind schedule.
Premier, which took over operatorship of the Sea Lion project at the end of last year, said considerable work had been done in the first six months of this year on how to progress the scheme using two different production systems.
“A final decision between the two is expected to be made at the end of this year with project sanction targeted for the end of 2014. The timing for first oil will depend on the final scheme configuration,” Premier said in a statement accompanying its first-half financial figures.
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