Malvinas: Rockhopper buys stake in company to advance Sea Lion oil project

Despite a sharp drop in its stock price due to Argentina’s sanctions , British oil company Rockhopper announced the purchase of a 35% stake in a floating production platform as part of the Sea Lion project, which it is developing with Israel’s Navitas to extract crude oil from waters around the Malvinas Islands. The company announced on Thursday that it had signed an agreement to acquire SPV for US$44 million. SPV owns OSX-1, a floating production, storage and offloading (FPSO) vessel. The Sea Lion project, in which Rockhopper holds a 35% stake, aims to become the first oil-producing project…