A Wiltshire-based oil company has said it is "disappointed" that Italy is seeking to annul a multimillion-pound compensation payout that was due to be made to the business after the country cancelled a major drilling project.
Aim-listed Rockhopper Exploration, which is headquartered in Salisbury, was awarded €190m (£162m) plus interest in damages from the Italian government in August. An arbitration panel unanimously decided Italy had breached its obligations under the Energy Charter Treaty over a decision to prevent the company from oil exploration along its coastline in 2015.
Last week, Italy submitted an application to arbitration institution International Centre for Settlement of Investment Disputes (ICSID) seeking to annul the award. The government also requested a provisional stay of the enforcement of the payout.
