Ombrina Mare Arbitration Update

Source: www.gulfoilandgas.com 5/14/2021, Location: Europe

Rockhopper Exploration plc, 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.

Further to the Company's announcement of 31 March 2021, the Tribunal has provided the following update:

" The Tribunal anticipates that it should be in a position to render its award* in the course of July. The Tribunal will revert to the Parties towards the end of June to confirm this timeframe ."

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.

*Note: under the International Centre for Settlement of Investment Disputes (ICSID) rules the Tribunal's decision is referred to as an "award."


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