Rockhopper and Premier Oil have agreed to adopt a phased, lower cost development solution for the Sea Lion field. Highlights of phased development concept:

Initial phase to commercialise approximately 160 mmbbls oil Leased FPSO development concept targeting gross production plateau of 50,000 - 60,000 barrels oil per day Costs to first oil on the initial phase estimated at less than $2 billion Confirmation from Premier that a project of this size can be funded from existing facilities and cash flows and that a farm-out is no longer a pre-requisite to be able to sanction the project Continuing to target first oil in 2019 following sanction in H1 2016 In light of the move to a phased development, Rockhopper and Premier have agreed the following amendments to their commercial arrangements (subject to documentation and internal approvals):

Tags: Premier Oil, Rockhopper Exploration plc