20th Dec 2023 12:16
Rockhopper Exploration PLC - Salisbury, England-based oil and gas exploration company with key interests in the Falkland Islands - Enters agreement with a regulated specialist fund for monetisation of an arbitration award. Award, announced in late August, 2022, relates to arbitration against Republic of Italy relating to the Ombrina Mare oil field. Rockhopper will retain legal and beneficial ownership of the award, and the fund will make cash payments in up to three tranches. Will retain around EUR15 million of upfront payment of EUR45 million on completion, due to previous litigation funding agreement in 2017.
Rockhopper will also receive an additional EUR65 million upon a successful annulment outcome. May receive further 20% payment on recovery of amounts exceeding 200% of the fund's total investment. Adds that agreement de-risks the award process and removes future costs. Some proceeds will go towards equity funding requirements related to developing the Sea Lion oil field in the North Falkland basin.
Current stock price: 11.34 pence, up 7.7% in London on Wednesday
12-month change: up 24%
By Emma Curzon, Alliance News reporter
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