Rockhopper Exploration gets approval for Ombrina Mare project

Oil and gas company Rockhopper Exploration has received Italian government approval for its Ombrina Mare project in Italy.

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Shares in the AIM listed company were down by 1.84% to 59.88p at 0854 BST despite the news of the project’s progression.

Rockhopper said it has Integrated Environmental Authorisation from the Ministries of Environment and Cultural Heritage it can progress to the next stage.

That stage involved approval from Italy’s Ministry of Economic Development

The Ombrina Mare was a 26.5mmboe appraisal/development prospect in shallow waters offshore in the Adriatic Sea, which was owned and operated by Rockhopper.

Westhouse analysts said in a note said the news was a positive development but the well needed to be drilled before the market could ascribe any meaningful value to prospects.