Rockhopper notes Argentine sanctions; Navitas replace two contractors

Rockhopper Exploration PLC on Monday said its partner and Sea Lion project operator Navitas Petroleum Ltd is taking action to replace two contractors as Argentina's Sea Lion sanctions continue.

Navitas said it was replacing two contractors that were found to be in breach of their obligations and would make adjustments to the project as required.

In a statement, Navitas said it continues to develop "the project with the full support of the Falkland Islands government and the government of the United Kingdom, and at this stage it estimates that no material adverse effect on the project is expected."

The update follows a history of comments by right-wing, populist Argentine President Javier Milei about activities in the Falkland Islands.

The latest, made in a post to X on September 29, Milei wrote: "I instructed the Foreign Ministry and our legal teams to initiate international arbitration against the United Kingdom for the illegal plundering of our resources through the Sea Lion Project in the North Malvinas Basin.

"If in 2 weeks the United Kingdom does not halt the illegitimate exploitation, we will go to the International Tribunal for the Law of the Sea."

Rockhopper has previously called Milei's comments "illegitimate and without legal justification".

Rockhopper holds a 35% interest in licences in the North Falkland Basin, where Sea Lion is being developed.

Shares in Rockhopper were down 10% at 54.50 pence per share on Monday in London.

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