Rockhopper Exploration plc Ombrina Mare arbitration update (6709D)
27 June 2019 - 8:30PM
UK Regulatory
TIDMRKH
RNS Number : 6709D
Rockhopper Exploration plc
27 June 2019
27 June 2019
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 and the Greater
Mediterranean region, is pleased to provide the following update on
its international arbitration against the Republic of Italy in
relation to the Ombrina Mare field.
On 26 June 2019, the Tribunal rejected Italy's request for the
suspension of the arbitration and Italy's related intra-EU
jurisdictional objections. It is now expected that further post
hearing briefings will be submitted and a final outcome is now
expected in Q1 2020.
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.
Sam Moody, CEO of Rockhopper, commented:
"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."
Enquiries:
Rockhopper Exploration plc
Sam Moody - Chief Executive Officer
Stewart MacDonald - Chief Financial Officer
Tel. +44 (0) 20 7390 0230 (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 0231
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contact rns@lseg.com or visit www.rns.com.
END
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