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.
Italy could be required to pay multi-million-pound damages to UK oil firm
Further to the Company’s announcement of 2 July 2021 in which Rockhopper reported that the Tribunal had informed the Company that it expected to complete its work in July, the Company can confirm it has yet to receive news of the outcome of the process.
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 of Rockhopper’s costs associated with the arbitration to date have been funded on a non-recourse (“no win – no fee”) basis from a specialist arbitration funder.
A further update will be provided in due course.
Rockhopper Exploration plc
Sam Moody – Chief Executive Officer
Stewart MacDonald – Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Consulting)
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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