Rockhopper Exploration plc said it expected tranche I payment from its Ombrina Mare arbitration award within five business days.
The compensation relates to Italy’s ban on oil and gas exploration within 12 miles of the Italian coastline, which affected the company’s activities in the oil field.
Rockhopper subsequently went to tribunal at the International Centre for Settlement of Investment Disputes (ICSID).
The company added that all required precedent conditions to the transaction had been satisfied, ahead of first payment.
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