Business
Ombrina Mare Project Update
Ombrina Mare Project Update.
About this update from Rockhopper Exploration Plc
[{"type":"text","content":"\n \nRNS Number : 8699N Rockhopper Exploration plc 03 February 2016 \n\n3 February 2016\n \nRockhopper Exploration plc\n\"Rockhopper\" or the \"Company\"\n \nOmbrina Mare Project Update\n \nRockhopper Exploration plc (AIM: RKH), the oil and gas exploration and production company with interests in the North Falkland Basin and Greater Mediterranean region, provides the following update on the status of the Ombrina Mare project offshore Italy.\n \nFurther to the Company's announcement on 6 January 2016, the Company has been informed by the Ministry of Economic Development that, following the re-introduction of the ban on exploration and production activity within 12 nautical miles of the coast of Italy, the Production Concession covering the Ombrina Mare Field Area will now not be awarded. This is despite the Ombrina Mare project having completed all the required technical and environmental authorisations. \n \nThe Company retains its interest in the exploration permit covering the Ombrina Mare Field Area. An extension to the suspension of the Ombrina Mare exploration permit was recently granted to 31 December 2016.\n \nThe Company is now considering its options which include both a claim for damages and compensation against the Republic of Italy under International Treaties for the protection of foreign investments, and in particular the arbitration process provided for under the Energy Charter Treaty. \n \nNone of the Company's other interests in Italy, including the Guendalina gas field, are expected to be impacted by the changes in legislation. \n \n \nEnquiries\n \nRockhopper Exploration plc\nTel: (via Vigo Communications) - 020 7016 9573\nSam Moody - Chief Executive\nFiona MacAulay - Chief Operating Officer\nStewart MacDonald - Chief Financial Officer\n \nCanaccord Genuity Limited (NOMAD and Joint Broker)\nTel: 020 7523 8000\nHenry Fitzgerald-O'Connor\n \nLiberum Capital (Joint Broker)\nTel: 020 3100 2227\nClayton Bush\n \nVigo Communications\nTel: 020 7016 9573\nPatrick d'Ancona\nBen Simons\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCBLLLBQLFZBBK\n ","length":3971,"tagName":"div"}]