Rockhopper Exploration plc Ombrina Mare arbitration update (8219J)
December 24 2020 - 5:00AM
UK Regulatory
TIDMRKH
RNS Number : 8219J
Rockhopper Exploration plc
24 December 2020
24 December 2020
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.
Under the rules of the arbitration process, a decision (referred
to as an "award") is due within 120 days (extendable, at the
discretion of the Tribunal, by a further 60 days if required) of
the closure of the proceedings.
The Tribunal has provided the following update:
"Deliberations have continued and work on the award is
advancing. The Tribunal will revert to the Parties in the early
part of 2021 with any final questions it might have or, if none,
the declaration of the closure of the proceedings as per ICSID
Arbitration Rule 38(1)."
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 costs associated with the arbitration
are funded on a non-recourse ("no win - no fee") basis from a
specialist arbitration funder.
A further update will be provided in due course.
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive Officer
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7390 0234 (via Vigo Communications)
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 Communications
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").
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END
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