Rockhopper Exploration PLC (AIM:RKH) told investors it has now received €19 million, from the €45 million ‘tranche 1’ payment due following the Ombrina Mare arbitration award.
Some €26 million, the rest of the tranche 1 payment, was paid to the oil and gas firm’s original arbitration funder.
It covered all costs from the commencement of the arbitration to the rendering of the award, Rockhopper noted.
Now, Rockhopper said its cash balance stands at around $18 million.
Further tranche payments are still pending and are subject to the outcome of an annulment request by the Italian authorities.
"We are delighted to have received the Tranche 1 payment under the Ombrina Mare monetisation,” chief executive Sam Moody said in a statement.
“This cash gives us the strongest balance sheet we have had for a number of years, and we remain confident in the merits of our legal case as we await the decision of the ad hoc panel on the annulment requested by the Italian Republic."