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by Nick Flitterman

Portland Appointed on Sea Lion

Portland has been mandated as financial advisor to Premier Oil plc on the export credit agency led limited-recourse project financing for the Phase 1 development of the Sea Lion oil field. The estimate for gross capex including drilling and the subsea development in the period up to first oil is $1.5 billion.

The Sea Lion complex is located in the North Falkland Basin in the South Atlantic 140 miles (220km) to the north of the Falkland Islands at a water depth of 450m. Following a farm-in transaction in 2012, Premier Oil holds operatorship and a working interest of 60%. The remaining working interest is held by Rockhopper Exploration plc.

See the following link to the Premier Oil website for further details:

www.premier-oil.com/operations/falkland-islands

To discuss this further, contact Geoff Knox +44 20 7183 8387 or geoff.knox@portlandadvisers.com or Keith O’Donnell on +44 20 7183 8288 or keith.odonnell@portlandadvisers.com

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