LONDON (ShareCast) - (Sharecast News) - North Falkland Basin-focussed oil and gas company Rockhopper Exploration updated the market on its international arbitration against the Republic of Italy in relation to the Ombrina Mare field on Friday.
The AIM-traded firm said the tribunal had provided an update, reporting "significant progress", and confirming that it expected to be in a position to complete its work during July.

"Rockhopper continues to believe it has strong prospects of recovering very significant monetary damages - on the basis of lost profits - as a result of the Republic of Italy's breaches of the Energy Charter Treaty," the board said in its statement.

"All costs associated with the arbitration are funded on a non-recourse basis from a specialist arbitration funder."

At 1315 BST, shares in Rockhopper Exploration were down 2.2% at 9.78p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE