Rockhopper Exploration (AIM:RKH), the AIM-listed oil and gas company focused on the North Falkland Basin, has disclosed that the long stop date on its sale of Italian assets to Zodiac passes today, 30 June, without the required Italian regulatory approval being received.
The sale and purchase agreement remains legally in force, but the expiry of the extended deadline gives either Rockhopper or Zodiac the option to withdraw from the transaction.
Falkland Islands Government approval, the first of two conditions, had already been secured, leaving Italian regulatory clearance as the sole outstanding hurdle.
Both parties say they are continuing to work to satisfy the Italian regulator's requirements, with further updates to follow.
