Ascent Resources plc said it had signed a binding damages-based “no win no fee” agreement to appoint Enyo Law LLP for its arbitration claim against Slovenia.
TREATIES
The claim is based on breaches of the Energy Charter Treaty (ECT) and UK-Slovenia Bilateral Investment Treaty (BIT).
Enyo represented Ascent in last year’s pre-arbitration negotiations with Slovenia.
FRUSTRATION
Chief executive Andrew Dennan said that legal agreement allowed the company to advance immediately its material damages claim against Slovenia in an international forum.
“We seek redress for shareholders after many years of frustration, arbitrary decision-making against the company’s investment and delays being imposed on the project.
“This impact has recently been amplified with our investment effectively being expropriated by virtue of the new amendments to the mining law which specifically target the destruction of our full investment value.
“We are delighted to have secured this arrangement on behalf of our shareholders and which now positions Ascent’s equity holders with material upside exposure to a claim seeking damages of several hundred million dollars.”