Rockhopper, a London-listed oil exploration firm, is experiencing an investor sell-off after Argentina's President Javier Milei vowed to sanction oil companies working near the Falkland Islands. In a national address, President Milei reiterated Argentina's claim over the British territory and pledged to sanction any oil companies operating there as part of what he termed the "British occupation."
Shares in Rockhopper, which is collaborating with Navitas on the Sea Lion oil field north of the Falklands, dropped by more than 10 per cent to 69p in early trading. President Milei specifically highlighted the Sea Lion project, calling it a "clear and present danger" to Argentina's claim to the islands.
Rockhopper and Navitas have sought to reassure investors, stating they do not anticipate Argentina's threats will have a "material effect" on their oil delivery from the area. They affirmed that the partnership operates under valid petroleum licenses granted by the Government of the Falkland Islands, a self-governing UK Overseas Territory, with the full backing of the UK Government.
The UK government has swiftly condemned President Milei's remarks. Foreign Secretary Ed Miliband stated that the UK's ownership of the Falklands is "unwavering," while Defence Secretary Wes Streeting described Britain's commitment to the territory as "absolute and unshakeable."