AIM-listed Rockhopper Exploration, the oil and gas company with key interests in the North Falkland Basin, has provided an update in respect of the exit of Rockhopper's Italian assets.
On the 14 October 2024, Rockhopper announced its planned exit from Italy through the signing of a share purchase agreement ('SPA') with Zodiac Energy Limited. The SPA relates to the sale of Rockhopper Civita Limited (a wholly owned subsidiary of Rockhopper Exploration Plc). Rockhopper Civita Limited holds all Rockhopper's Italian assets and liabilities, except for the Ombrina Mare arbitration.
The SPA is conditional on receipt of approvals from the Falkland Islands Government ('FIG') and the Italian regulator, the first of which, from FIG has been received. As at the date of this announcement, 30 June 2026, Italian regulatory approval has not been received.
Whilst the SPA remains in full force and effect, the extended long stop date of 30 June 2026 has been reached, which provides Rockhopper and Zodiac with an option, should either party choose to exercise it, to withdraw from the transaction.
The Company and Zodiac continue to try and satisfy the demands of the Italian regulator and will provide further updates as appropriate.
Source: Rockhopper Exploration
