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IN BRIEF: Rockhopper still confident of recovery for Ombrina Mare
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Italy: Rockhopper provides update on Ombrina Mare arbitration
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19 May 2021 | 09:02am
StockMarketWire.com - Oil company Rockhopper Exploration booked a deep annual loss after it wrote down the value of its assets and its revenue fell.
Pre-tax losses for the year through December amounted to $236.4 million, compared to year-on-year losses of $20.6 million, and included an impairment of exploration and evaluation assets of $223.3 million.
Revenue fell to $2.8 million, down from $10.3 million.
Rockhopper said detailed transaction terms had been agreed for Navitas Petroleum to farm-in for a 30% interest in the Sea Lion project off the Falklands Islands.
The company was also expecting an outcome in relation to arbitration proceedings over the Ombrina Mare assets in July, for which it was seeking significant monetary damages.
Italy: Rockhopper provides update on Ombrina Mare arbitration
17 May 2021
AIM-listed
Rockhopper Exploration has provided an update on its international arbitration against the Republic of Italy in relation to the
Ombrina Mare field.
Further to the Company s announcement of 31 March 2021, the Tribunal has today provided the following update: The Tribunal anticipates that it should be in a position to render its award in the course of July. The Tribunal will revert to the Parties towards the end of June to confirm this timeframe.
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. All costs associated with the arbitration are funded on a non-recourse ( no win - no fee ) basis from a specialist arbitration funder.
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