Rockhopper Exploration says Italian asset sale still needs key approval

Rockhopper Exploration PLC (AIM:RKH) told investors that its planned exit from Italy has reached a key deadline without the outstanding approval needed from the Italian regulator, leaving either party with the option to walk away from the disposal.

The AIM-listed oil and gas company signed a share purchase agreement in October 2024 with Zodiac Energy Limited for the sale of Rockhopper Civita Limited, the subsidiary that holds all of Rockhopper’s Italian assets and liabilities, excluding the Ombrina Mare arbitration.

Rockhopper said approval from the Falkland Islands Government has been received, but Italian regulatory approval remains outstanding as of 30 June 2026.

While the share purchase agreement remains “in full force and effect”, the extended long-stop date has now been reached, giving Rockhopper and Zodiac the option to withdraw from the transaction should either choose to do so.

The company said both parties continue to try to satisfy the Italian regulator’s demands. Rockhopper is a UK-based oil and gas exploration and production company with key interests in the Falkland Islands, including a 35% interest in licences in the North Falkland Basin.