Press Releases.

Sea Lion Development Update

The Falkland Islands Government notes the update provided by Premier Oil today regarding the progress of the Sea Lion oilfield development in the North Falkland Basin.

The Falkland Islands Government supports the proposed phased development concept which will help mitigate local infrastructure and capacity pressures during peak development activity.

The news emerges following a comprehensive meeting to discuss the Sea Lion Project and the progress of Premier Oil’s offshore exploration and development activity in the Falkland Islands.

Stephen Luxton, Director of Mineral Resources, said: “Premier continues to advance the Sea Lion development concept with a target for project sanction and gaining FIG approval towards the end of 2014. The proposed phased development concept has been discussed extensively with FIG and its advisers. We are confident that it appears to be the optimum solution to deliver a successful project. Maximum economic recovery of offshore resources remains FIG’s guiding policy”.

The Director of Mineral Resources attended a regular Sea Lion project meeting on 15th and 16th August in London together with representatives from the British Geological Survey, the Department of Energy and Climate Change and the Health and Safety Executive.