Friday, September 4th 2026 - 23:30 UTC
”The partnership operates pursuant to valid petroleum licences lawfully granted to it by the government of the Falkland Islands, a self-governing UK Overseas Territory
Shares in the two companies developing the Sea Lion field off the Falklands fell on Friday after Argentine President Javier Milei announced he would tighten sanctions on firms operating around the archipelago without authorization from Buenos Aires. Both companies responded with a joint statement saying they do not anticipate any impact on the project's development.
Stock in Britain's Rockhopper Exploration dropped more than 10% on the London Stock Exchange, to 69 pence, in early trading, before trimming losses to around 72.9 pence, some 6.5% below the previous close. Shares in Israel's Navitas Petroleum, the project's operator, fell about 2.3% on the Tel Aviv exchange.
“The partnership operates pursuant to valid petroleum licences lawfully granted to it by the government of the Falkland Islands, a self-governing UK Overseas Territory, and with the full and ongoing support of the UK Government,” the companies said. They added that recent developments are not expected to have a material effect on development activities or on the project's timetable. Rockhopper issued the text as a notice to London's Regulatory News Service, titled “Sea Lion Operator Update following Media Reports.”
