Ombrina Mare arbitration update

RNS Number : 6810Y

Rockhopper Exploration plc

14 May 2021

 

14 May 2021

Rockhopper Exploration plc

("Rockhopper" or the "Company")

Ombrina Mare arbitration update

Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin, provides the following update on its international arbitration against the  Republic of Italy in relation to the Ombrina Mare field.

Further to the Company's announcement of 31 March 2021, the Tribunal has today provided the following update:

" The Tribunal anticipates that it should be in a position to render its award* in the course of July. The Tribunal will revert to the Parties towards the end of June to confirm this timeframe ."

Rockhopper continues to believe it has strong prospects of recovering very significant monetary damages - on the basis of lost profits - as a result of the Republic of Italy's breaches of the Energy Charter Treaty. All costs associated with the arbitration are funded on a non-recourse ("no win - no fee") basis from a specialist arbitration funder.

A further update will be provided in due course.

*Note: under the International Centre for Settlement of Investment Disputes (ICSID) rules the Tribunal's decision is referred to as an "award."

Enquiries:

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Stewart MacDonald - Chief Financial Officer

Tel. [phone] (via Vigo Consulting)

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor/James Asensio

Tel. [phone]

Peel Hunt LLP (Joint Broker)

Richard Crichton

Tel. [phone]

Vigo Consulting

Patrick d'Ancona/Ben Simons

Tel. [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

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