REG - Rockhopper Exp plc - Ombrina Mare arbitration update

Rockhopper ExplorationAnnouncement

21/12/2021 09:30

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RNS Number : 3405W  Rockhopper Exploration plc  21 December 2021

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").

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