Rockhopper Exploration plc and Italy must work together over the €247m Ombrina Mare award, before the oil and gas explorer is allowed to take legal action. PROVISIONAL STAY The ICSID award relates to compensation from Italy’s ban on oil and gas exploration within 12 miles of the Italian coastline, which affected Rockhopper’s activities. In October […]
Tag: Rockhopper Exploration plc
Rockhopper welcomes Navitas $2.2bn plan for Sea Lion
Rockhopper Exploration plc reported a revised $2.2 billion development plan showing phased drilling of 23 wells for 269 million barrels of oil at the Sea Lion joint venture project in the North Falkland Basin. SEA LION In its 2022 presentation, the company described the Sea Lion project as a world class field that was larger […]
Rockhopper awaits ruling on Italy’s move over award
Rockhopper Exploration plc said today that the Italian Government’s request to annul the €247 million award relating to the Ombrina Mare oil field dispute is due to have its final hearing during Q1 2024. AWARD The award comprises €190 million plus accrued interest from January 2016 to August 2022. Interest was paused for four months following the […]
Rockhopper extends South Falkland licences
Rockhopper Exploration plc has extended each of its oil production licences (100%) in the South Falkland Basin. FOCUS The licences, which were due to expire on 3 December 2022, will remain valid until 3 December 2024. Chief executive Samuel Moody said that the company would continue to focus on working with Navitas Petroleum LP to develop […]
Rockhopper faces application to annul €190m award
Rockhopper Exploration plc said that the Italian Government had applied for an annulment of €190 million compensation for the company over the Ombrina Mare oil field dispute. APPLICATION In August the International Centre for Settlement of Investment Disputes (ICSID) arbitration held that Italy had breached its obligations under the Energy Charter Treaty. Rockhopper added that on 28 […]
Rockhopper completes Navitas deal for Falkland licences
Rockhopper Exploration plc has completed the transaction for Harbour Energy plc to leave and Navitas Petroleum LP to become a partner in its North Falkland Basin licences. NORTH FALKLAND BASIN The agreement, signed in April 2022, also sees Navitas become the operator and hold a 65% stake in Rockhopper’s the licences. Licence Rockhopper Navitas as […]