Rockhopper Exploration plc said that it had been told that the proceedings related to the Ombrina Mare arbitration were closed yesterday, 25 April 2022.
DAMAGES
The International Centre for Settlement of Investment Disputes (ICSID) tribunal has 120 days after closing to issue its award, extendable by 60 days.
Rockhopper is seeking damages based on lost profits.
EXPLORATION BAN
Ombrina Mare oil field lies 12 miles off the coast of Abruzzo.
In 2015, the Italian government re-introduced a ban on oil and gas exploration within 12 miles of the Italian coastline.
In 2017 Rockhopper began international arbitration proceedings against Italy in relation to the project.
At the time, the company said it was confident of recovering “very significant monetary damages” as a result of the country’s breaches of the Energy Charter Treaty.
ITALIAN ASSETS
Ombrina Mare is one of the company’s three interests in Italy, the other two being Guendalina and onshore Monte Grosso.
Rockhopper’s key interests are in the North Falkland Basin.