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Rockhopper Exp plc - Ombrina Mare arbitration update

RNS Number : 6709D
Rockhopper Exploration plc
27 June 2019
 

27 June 2019

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 and the Greater Mediterranean region, is pleased to provide the following update on its international arbitration against the Republic of Italy in relation to the Ombrina Mare field.

 

On 26 June 2019, the Tribunal rejected Italy's request for the suspension of the arbitration and Italy's related intra-EU jurisdictional objections. It is now expected that further post hearing briefings will be submitted and a final outcome is now expected in Q1 2020.

 

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.

 

Sam Moody, CEO of Rockhopper, commented:

 

"This decision represents an important step in the wider arbitration process. While much is still to be done, we remain positive on the prospects of the claim and look forward to an outcome in early 2020."

 

Enquiries:

 

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Stewart MacDonald - Chief Financial Officer

Tel. +44 (0) 20 7390 0230 (via Vigo Communications)

 

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor

James Asensio

Tel. +44 (0) 20 7523 8000

 

Peel Hunt LLP (Joint Broker)

Richard Crichton

Tel. +44 (0) 20 7418 8900

 

Vigo Communications

Patrick d'Ancona

Ben Simons

Tel. +44 (0) 20 7390 0231

 

 


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