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(Sharecast News) - Rockhopper Exploration said in an update on Monday that it expects to receive the full 31m under its annulment insurance policy after the lead insurer confirmed that the loss had been triggered by the recent overturning of the Ombrina Mare arbitration award.
The AIM-traded firm said the policy, first announced in October 2024, was designed to protect against an unfavourable outcome in the ICSID arbitration related to the Ombrina Mare oil project off the Italian coast.
It said the arbitration award was annulled by an ad hoc panel in June.
Rockhopper said it has submitted the necessary claims and statements of loss and was confident the full insurance amount would be paid.
The company said it would provide a further update once the funds were received.
At the same time, Rockhopper confirmed it was planning to submit a new request for arbitration and was currently in discussions with its litigation funder regarding the timing.
"A further release will be made as and when appropriate," it said.
At 0954 BST, shares in Rockhopper Exploration were up 0.25% at 58.54p.
Reporting by Josh White for Sharecast.com.
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