Satisfaction of Precent Conditions for the Ombrina Mare Monetisation Transaction

Rockhopper Exploration today provides the following update in relation to the monetisation of its Ombrina Mare Arbitration Award announced on 20 December 2023.

All required precedent conditions to the Transaction have now been satisfied.  Under the terms of the Transaction, the Tranche 1 payment is due within 5 business days.

Background

In December 2023, Rockhopper announced its entry into a funded participation agreement with a  regulated specialist fund with over $4bn in investments under management that has experience in investing in legal assets to monetise its ICSID Award, in relation to the arbitration against the Republic of Italy relating to the Ombrina Mare oil field. The Award was previously announced on 24 August 2022.

KeyFacts Energy: Rockhopper Exploration Italy country profile