Ascent Resources plc said it had formally notified the Slovenian government of further claims of treaty breaches over its hydrocarbon operations in the country.
HYDRAULIC STIMULATION
The company refers to the UK-Slovenia Bilateral Investment Treaty (BIT) and the Energy Charter Treaty (ECT).
Ascent added that Slovenia’s recent actions include a ban on holders of mining rights from conducting exploration or exploitation of hydrocarbons with the use of any hydraulic stimulation.
TARGETED
“This ban is Slovenia’s latest targeted attempt at destroying Ascent’s investments,” states the notice.
“It is transparent that, through this ban, it is Ascent as a foreign investor that is specifically
targeted.
“This anti-Ascent sentiment is clear from the parliamentary discussions which took
place when discussing the ban on 31 March 2022, when members of Parliament specifically
mentioned banning ‘fracking’ by ‘the British corporation’.”
ARBITRATION
Ascent said that it remained committed to defending its investment of more than €50 million in Slovenia and would vigorously pursue its damages claim through international arbitration.
The company added it hoped for an amicable solution.