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Rockhopper Exploration PLC - Salisbury, England-based oil & gas exploration and production company - Says the International Centre for Settlement of Investment Disputes ruled in its favour in the arbitration proceedings against the Italian government. The panel decides that Italy breached its obligations under the Energy Charter Treaty, entitling the company to compensation of €190 million with interest. The award is final and binding on the parties. Expects to keep roughly 80% of the compensation payment, after payment to its arbitration funder, assuming full recovery of the award.
‘We will update the market in due course once we have been able to analyse fully the results of the arbitration and its full, very positive financial implications for Rockhopper,’ Chief Executive Samuel Moody comments.
Current stock price: 15.90 pence, up 88% on Wednesday
12-month change: up 77%
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