Last checked at 21 Dec 2021 09:27
21 December 2021
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, provides the following update on its international arbitration against the Republic of Italy in relation to the Ombrina Mare field.
As announced in the Company's half-year report on 30 September 2021, Italy made a request, and the Tribunal agreed, to admit a recent European Court of Justice judgment related to intra-EU Energy Charter Treaty disputes, and to reconsider its 2019 decision to reject Italy's intra-EU jurisdictional challenge in the arbitration. The Tribunal had requested Rockhopper's legal advisers to respond by 6 October 2021.
On 21 December 2021, the Company was informed that the Tribunal had rejected Italy's request.
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.
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Consulting)
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 Consulting
Patrick d'Ancona/Ben Simons
Tel. +44 (0) 20 7390 0234
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").