Rockhopper Exploration plc has received the full €31 million insurance arranged to protect the company against an unsuccessful outcome in the Ombrina Mare oil field arbitration. CLARITY In June, the company lost the second tranche payment in its dispute with the Italian Government, during proceedings at the International Centre for Settlement of Investment Disputes (ICSID). The arbitration […]
Tag: Ombrina Mare oil field – Italy
Rockhopper to raise $140m
Rockhopper Exploration plc plans to raise up to US$140 million (£105m) from “new Israeli-based institutional investors” and “larger existing shareholders” for its share of the Sea Lion oil project’s first phase development. PLACINGS The company holds 35% of the North Falkland Basin field and needs $127m for phase I. Rockhopper has received “firm commitments” for […]
Rockhopper confident of €31m Italy insurance
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 […]
Rockhopper loses second Italy payment
Rockhopper Exploration plc will not receive the second tranche payment in its arbitration with Italy which has had the award annulled. INSURANCE The company, focused on the North Falkland Basin, said it intended to make a claim under its October 2024 insurance policy. The proceedings relate to Italy’s 2015 ban on oil and gas exploration within 12 […]
Rockhopper receives initial €19m over Ombrina Mare
Rockhopper Exploration plc said it had received €19 million of the €45m tranche I payment of the Ombrina Mare arbitration award. CASH BALANCE The balance of €26m goes to the original arbitration funder, while tranches II and III remain payable to Rockhopper upon a successful annulment outcome. The company’s legal representatives will receive success fees of […]
Rockhopper due first Ombrina Mare payment
Rockhopper Exploration plc said it expected tranche I payment from its Ombrina Mare arbitration award within five business days. The compensation relates to Italy’s ban on oil and gas exploration within 12 miles of the Italian coastline, which affected the company’s activities in the oil field. Rockhopper subsequently went to tribunal at the International Centre […]