21 June 2024
Rockhopper Exploration plc
("Rockhopper", the "Group" or the "Company")
Receipt of Tranche 1 Funds
for the Ombrina Mare Monetisation Transaction
Rockhopper Exploration plc is
pleased to provide the following update in relation to the
monetisation of its Ombrina Mare Arbitration Award (the
"Transaction") announced on 20 December 2023.
Having satisfied all precedent
conditions to the Transaction as announced on 17 June 2024, the
Company confirms that the Tranche 1 payment has been
received.
Rockhopper has received €19 million
of the €45 million Tranche 1 payment. As previously disclosed,
Rockhopper entered into a litigation funding agreement in 2017
under which all costs relating to the Arbitration from commencement
to the rendering of the Award were paid on its behalf by a separate
specialist arbitration funder (the "Original Arbitration Funder").
That agreement entitles the Original Arbitration Funder to a
proportion of any proceeds from the Award or any monetisation of
the Award. The balance of €26 million has gone to Original
Arbitration Funder in order to fully discharge the Company of all
of its liabilities under the agreement with the Original
Arbitration Funder. Tranches 2 and 3 of the Award remain payable to
Rockhopper upon a successful annulment outcome.
As previously disclosed, success
fees of approximately €4 million are owed to Rockhopper's legal
representatives if Rockhopper win the claim, meaning liability is
established and Italy is required to pay more than a nominal sum in
damages (either by way of award or settlement in an amount equal to
or more than €25 million).
Following receipt of the Tranche 1
payment, Rockhopper's cash balance is approximately $27
million.
Please refer to the Company's announcement on 20 December 2023
for further details on the Ombrina Mare Arbitration Award.
Capitalised terms shall have the same meaning as in the 20 December
2023 announcement.
Samuel Moody, CEO, commented:
"We are delighted to have received the Tranche 1 payment under
the Ombrina Mare monetisation agreement. This cash gives us
the strongest balance sheet we have had for a number of years, and
we remain confident in the merits of our legal case as we await the
decision of the Ad Hoc Panel on the annulment request from the
Italian Republic."
Enquiries:
Rockhopper Exploration
plc
Sam Moody - Chief Executive
Officer
Tel. +44 (0) 20 7390 0234 (via Vigo
Consulting)
Canaccord Genuity Limited (NOMAD and
Joint Broker)
Henry Fitzgerald-O'Connor/James
Asensio/Ana Ercegovic
Tel. +44 (0) 20 7523 8000
Peel Hunt LLP (Joint
Broker)
Richard Crichton/Georgia
Langoulant
Tel. +44 (0) 20 7418 8900
Vigo Consulting
Patrick d'Ancona/Ben Simons/Fiona
Hetherington
Tel. +44 (0) 20 7390 0234