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REG - Rockhopper Exp plc - Arbitration Award - Receipt of Funds

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RNS Number : 2960T  Rockhopper Exploration plc  21 June 2024

21 June 2024

 

Rockhopper Exploration plc

("Rockhopper", the "Group" or the "Company")

 

Receipt of Tranche 1 Funds for the Ombrina Mare Monetisation Transaction

 

Rockhopper Exploration plc is pleased to provide the following update in
relation to the monetisation of its Ombrina Mare Arbitration Award (the
"Transaction") announced on 20 December 2023.

 

Having satisfied all precedent conditions to the Transaction as announced on
17 June 2024, the Company confirms that the Tranche 1 payment has been
received.

 

Rockhopper has received €19 million of the €45 million Tranche 1 payment.
As previously disclosed, Rockhopper entered into a litigation funding
agreement in 2017 under which all costs relating to the Arbitration from
commencement to the rendering of the Award were paid on its behalf by a
separate specialist arbitration funder (the "Original Arbitration Funder").
That agreement entitles the Original Arbitration Funder to a proportion of any
proceeds from the Award or any monetisation of the Award. The balance of €26
million has gone to Original Arbitration Funder in order to fully discharge
the Company of all of its liabilities under the agreement with the Original
Arbitration Funder. Tranches 2 and 3 of the Award remain payable to Rockhopper
upon a successful annulment outcome.

 

As previously disclosed, success fees of approximately €4 million are owed
to Rockhopper's legal representatives if Rockhopper win the claim, meaning
liability is established and Italy is required to pay more than a nominal sum
in damages (either by way of award or settlement in an amount equal to or more
than €25 million).

 

Following receipt of the Tranche 1 payment, Rockhopper's cash balance is
approximately $27 million.

 

Please refer to the Company's announcement on 20 December 2023 for further
details on the Ombrina Mare Arbitration Award. Capitalised terms shall have
the same meaning as in the 20 December 2023 announcement.

 

Samuel Moody, CEO, commented:

"We are delighted to have received the Tranche 1 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."

 

Enquiries:

 

Rockhopper Exploration plc

Sam Moody - Chief Executive Officer

Tel. +44 (0) 20 7390 0234 (via Vigo Consulting)

 

Canaccord Genuity Limited (NOMAD and Joint Broker)

Henry Fitzgerald-O'Connor/James Asensio/Ana Ercegovic

Tel. +44 (0) 20 7523 8000

 

Peel Hunt LLP (Joint Broker)

Richard Crichton/Georgia Langoulant

Tel. +44 (0) 20 7418 8900

 

Vigo Consulting

Patrick d'Ancona/Ben Simons/Fiona Hetherington

Tel. +44 (0) 20 7390 0234

 

 

 

 

 

 

 

 

 

 

 

 

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