Rockhopper makes progress with financing Sea Lion project

Oil and gas company Rockhopper Exploration announced on Tuesday that the preliminary information memorandum (PIM), which would form the basis of a loan application for the Sea Lion senior debt project financing, has been submitted to potential senior lenders.

The AIM-traded firm said the PIM submission was supported by a “comprehensive” set of independent expert reports covering the full range of technical, reservoir, HSSE, legal and tax aspects of the Sea Lion project.

It said that, as part of the PIM submission process, lender due diligence advisers - including financial and legal advisers - had been appointed.

“The submission of the PIM marks a material milestone in the project financing process for the Sea Lion development,” said chief executive officer Sam Moody.

“Should the application be well received, we anticipate moving into a phase of detailed lender due diligence and documentation during the fourth quarter of 2019.”