Ascent Resources plc said that the high court has given final approval of its Slovenia joint venture partner Geoenergo d.o.o.’s insolvency.
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The company has stated it is owed approximately €8,000,000 of revenues which Geoenergo has already received.
Ascent said it was still working to register Ascent Slovenia Ltd (ASL)’s claim in the insolvency proceedings and, at the same time, evaluating initiating civil and criminal charges against the directors and shareholders of Geoenergo.
The people involved may include Nafta Lendava d.o.o., a 100% Republic of Slovenia controlled entity, and publicly listed company Petrol d.d. which is approximately 30% controlled by the Republic of Slovenia.
Ascent noted that the administrator initiated a non-binding invitation to tender for the Geoenergo business unit which includes the concession agreement and business relationships with its service provider Petrol GEO, with a view to monetising these assets.
The company said it expected that any proceeds received from any sale would ultimately largely accrue to ASL due to its large creditor position.
Ascent added it was now finalising the filing of its claim in the insolvency proceedings.