Our Italian assets are detailed below.

At a glance

Ombrina Mare
  • International arbitration process ongoing
Monte Grosso
  • 23% working interest
  • 15% working interest

Rockhopper was denied a production concession for the Ombrina Mare oil field in 2016. As a result, Rockhopper took the Italian Republic to Arbitration in ISCID. In August 2022, the ICSID arbitration panel unanimously agreed that Italy had breached its obligations under the Energy Charter Treaty. ICSID awarded Rockhopper compensation of €190 million plus interest. Italy sought for this award to be annulled in late October 2022. Rockhopper believes it has a strong chance of prevailing over Italy in their annulment attempt. This process is likely to take 18-24 months from October 2022.

Whilst Rockhopper no longer produces any oil or gas in Italy, it does hold interests in two licences with very material upside.

AC19 (15% working interest) – Two large, discovered gas fields with a prospect on trend. Currently no work is permitted in the area as a result of Italian regulations however, should this change, we believe these licences contain significant value. Italy’s oil and gas regulations in this area are under continued review.

Monte Grosso (23% working interest) – Europe’s largest onshore undrilled oil prospect located on trend with Val d’Agri and Tempa Rossa. Currently no work is permitted on the licence as a result of Italian regulations. Should Monte Grosso be drilled, we believe it has a relatively high chance of success and is potential highly valuable. Italy’s oil and gas regulations in this area are under continued review.

Additionally, we have a various licences and concessions, several which have abandonment and site restoration liabilities disclosed in the reports and accounts. These liabilities are predicted to crystalise over a relatively long period of time.