Israel-listed Navitas Petroleum aims to take sanction the long-dormant Sea Lion project in the Falkland Islands in 2024, after slashing some $500 million off the development cost to first oil in 2027.

The project was originally operated by Premier Oil, which was acquired by Harbour Energy in 2021. Harbour subsequently quit the asset, leaving Navitas in control.

Since then, the new operator has worked hard to cut development to first oil from $1.8