Ombrina Mare arbitration update

RNS Number : 8219J

Rockhopper Exploration plc

24 December 2020

 

24 December 2020

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.

Under the rules of the arbitration process, a decision (referred to as an "award") is due within 120 days (extendable, at the discretion of the Tribunal, by a further 60 days if required) of the closure of the proceedings.

The Tribunal has provided the following update:

"Deliberations have continued and work on the award is advancing. The Tribunal will revert to the Parties in the early part of 2021 with any final questions it might have or, if none, the declaration of the closure of the proceedings as per ICSID Arbitration Rule 38(1)."

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.

Enquiries:

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Stewart MacDonald - Chief Financial Officer

Tel. [phone] (via Vigo Communications)

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 Communications

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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