Rockhopper Exploration plc could be in line for €31 million from its insurance policy relating to the Ombrina Mare arbitration.
TRIGGER
The dispute followed the Italian Government’s ban on oil and gas exploration within 12 miles of the country’s coastline, which affected the company’s activities in the oil field.
Rockhopper took out insurance in October 2024 as protection against an unsuccessful outcome of the International Centre for Settlement of Investment Disputes (ICSID)’s proceedings.
Lat month, the company submitted claims and statements of loss under the terms of the insurance policy, following annulment of the award by the ad hoc panel.
“The lead insurer has confirmed that the loss has been triggered and, as a result, Rockhopper is therefore confident it will receive the full €31 million amount to which it is entitled under the policy,” said Rockhopper today.
“The company will make a further announcement once the funds are received.”
Rockhopper added it intended to submit a new request for arbitration and was in talks with a new funder.