AIM-listed Rockhopper Exploration has provided an update on its international arbitration against the Republic of Italy in relation to the Ombrina Mare field.
Further to the Company's announcement of 24 December 2020, the Tribunal has today provided the following update:
'The Tribunal's deliberations and the drafting process have both advanced very considerably. The Parties will receive regular updates as we draw this part of our work to a conclusion.'
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.
A further update will be provided in due course.
Source: Rockhopper Exploration