Rockhopper Exploration PLC - Salisbury, England-based oil and gas exploration and production company - Says a provisional stay of enforcement will be lifted provided that it establishes an escrow account within the next five working days. This comes after Italy sought to annul an August 2022 award favouring Rockhopper under the Energy Charter Treaty. This resulted in an arbitration panel saying that Italy had breached its obligations under the award and thus owed Rockhopper EUR190 million in compensation.
Chief Executive Officer Sam Moody says: "We welcome the approach adopted by the ad hoc committee and believe this outcome will allow us to commence enforcement with no risk to Italy of non-recoupment pending the outcome of the annulment."
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By Sabrina Penty, Alliance News reporter
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Rockhopper (RKH)