Ombrina Mare Project Update

RNS Number : 8699N

Rockhopper Exploration plc

03 February 2016

 

3 February 2016

Rockhopper Exploration plc

"Rockhopper" or the "Company"

Ombrina Mare Project Update

Rockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with interests in the North Falkland Basin and Greater Mediterranean region, provides the following update on the status of the Ombrina Mare project offshore Italy.

Further to the Company's announcement on 6 January 2016, the Company has been informed by the Ministry of Economic Development that, following the re-introduction of the ban on exploration and production activity within 12 nautical miles of the coast of Italy, the Production Concession covering the Ombrina Mare Field Area will now not be awarded. This is despite the Ombrina Mare project having completed all the required technical and environmental authorisations.

The Company retains its interest in the exploration permit covering the Ombrina Mare Field Area. An extension to the suspension of the Ombrina Mare exploration permit was recently granted to 31 December 2016.

The Company is now considering its options which include both a claim for damages and compensation against the Republic of Italy under International Treaties for the protection of foreign investments, and in particular the arbitration process provided for under the Energy Charter Treaty.

None of the Company's other interests in Italy, including the Guendalina gas field, are expected to be impacted by the changes in legislation.

Enquiries

Rockhopper Exploration plc

Tel: (via Vigo Communications) - 020 7016 9573

Sam Moody - Chief Executive

Fiona MacAulay - Chief Operating Officer

Stewart MacDonald - Chief Financial Officer

Canaccord Genuity Limited (NOMAD and Joint Broker)

Tel: [phone]

Henry Fitzgerald-O'Connor

Liberum Capital (Joint Broker)

Tel: [phone]

Clayton Bush

Vigo Communications

Tel: [phone]

Patrick d'Ancona

Ben Simons

 

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