UK-listed Habour Energy has announced that it plans to exit the Sea Lion project in the Falkland Islands.

Harbour, which holds a 60% operating interest in the project, said the decision followed a strategic review by management.

“While the Sea Lion discovery has significant resource potential, development of the project is not deemed a strategic fit for Harbour,” the company said as it reported its first-half results last week.

“Therefore the group has decided to explore the options to exit the project and its other licence interests in the Falkland Islands.”