Rockhopper Exploration plc said it had received €19 million of the €45m tranche I payment of the Ombrina Mare arbitration award.
CASH BALANCE
The balance of €26m goes to the original arbitration funder, while tranches II and III remain payable to Rockhopper upon a successful annulment outcome.
The company’s legal representatives will receive success fees of approximately €4m if it wins the claim, which will also establish liability.
Italy will then pay “more than a nominal sum in damages”, either by way of award or settlement in an amount equal to or more than €25m.
Following the tranche I payment, Rockhopper now holds approximately $27m cash.
Chief executive Samuel Moody added: “We are delighted to have received the tranche I payment under the Ombrina Mare monetisation agreement.
“This cash gives us the strongest balance sheet we have had for a number of years, and we remain confident in the merits of our legal case as we await the decision of the ad hoc panel on the annulment request from the Italian republic.”
The company’s main interests are in the North Falkland Basin and in the South & East Falkland Basin.