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(Alliance News) - Rockhopper Exploration PLC on Thursday said a tribunal rejected Italy's request for suspending the Ombrina Mare field arbitration and related intra-EU jurisdictional objections.
The oil and gas company with interests in the North Falkland Basin and Greater Mediterranean regions said it has strong prospects of recovering very significant monetary damages - on the basis of lost profits - as a result of Italy's breaches of the Energy Charter Treaty.
"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," said Rockhopper Chief Executive Officer Sam Moody.
Rockhopper lodged a request for arbitration with the International Centre for Settlement of Development Disputes back in 2017 after the Italian government banned offshore oil and gas activity close to the coast, banning any exploration or production within 12 nautical miles of the coast. The Ombrina Mare field lies within 12 nautical miles off the coast, and is therefore was affected by the restrictions.
The company expects final outcome of the arbitration in first quarter of 2020.
Shares in Rockhopper were down 1.0% at 20.76 pence each.