UK's Rockhopper tumbles as Italy seeks to reverse compensation

Rockhopper Exploration

31/10/2022 09:08

** Shares of British oil & gas explorer Rockhopper
Exploration  RKH.L  fall as much as 28.2% to 9.30p
    ** Stock to mark its worst session in more than a year if
losses hold
    ** Co says Italy submitted an application to International
Centre for Settlement of Investment Disputes (ICSID) seeking to
annul 190 mln euro ($188.6 mln) compensation 
    ** Co says it has a non-binding offer in place to fund both
fighting annulment and enforcing the award if required
    ** RKH stock among top pct losers across all London bourses 
    ** Stock had surged almost threefold in value in August
after ICSID awarded compensation 
    ** Up to last close, stock had risen ~37% YTD
($1 = 1.0076 euros)
 (Reporting by Prerna Bedi in Bengaluru)
 ((Prerna.Bedi@thomsonreuters.com;))