Rockhopper expecting decision on Italy arbitration in July

North Falkland Basin-focussed oil and gas company Rockhopper Exploration updated the market on its international arbitration against the Republic of Italy in relation to the Ombrina Mare field on Friday.

The AIM-traded firm said the tribunal had provided an update, reporting “significant progress”, and confirming that it expected to be in a position to complete its work during July.

“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,” the board said in its statement.

“All costs associated with the arbitration are funded on a non-recourse basis from a specialist arbitration funder.”

At 1315 BST, shares in Rockhopper Exploration were down 2.2% at 9.78p.