Ascent Resources plc has increased its estimate of production proceeds from €3.5 to around €8 million based on revealed data from the Petišovci gas joint venture in Slovenia.
COURT ORDER
A data disclosure instruction since October’s decision from the arbitration tribunal shows the historic production data, which Ascent used to calculate the proceeds to which it is entitled.
Based on the three-year statutory limit for claims, the company’s claim is from October 2019 to February 2023.
Ascent said that the figure was subject to the arbitration panel’s final decision and that there was “no certainty of the amounts claimed being awarded or the counterparty having the immediate funds to make payment”.
The company expects the final arbitration decision will include a court enforceable order for payment on the amounts determined towards the end of Q1 2024.