Navitas Petroleum Replaces Contractors After Argentine Sanctions

Navitas Petroleum is replacing two contractors that withdrew from the Sea Lion oil project in the North Falkland Basin. The withdrawals followed sanctions imposed by the Government of Argentina on entities involved in oil exploration and production within the Falkland Islands area.

Rockhopper Exploration reported that the contractors notified the project of their decision to cease all work. While Navitas Petroleum currently estimates there is no material adverse effect on the venture, the operator warned that this assessment could change if replacements are delayed, if additional contractors withdraw, or if Argentina further escalates its activities.

The project continues to operate with the support of the Government of the Falkland Islands and the Government of the United Kingdom.