Ascent Resources plc faces an “unprecendented situation” after its Slovenia joint venture partner Geoenergo d.o.o. received approval to enter insolvency.
REDRESS
Ascent previously sought legal advice to stop the move and said that the court had not accepted Geoenergo’s creditor position and not approved the self-declared insolvency application.
A hearing had been due on 23 February to deliberate the matter.
However, Ascent today announced it had been notified that the relevant court had cancelled the scheduled hearing and issued a resolution on the start of bankruptcy proceedings of Geoenergo and the appointment of an administrator.
“The company is now filing an appeal against the decision of the court in relation to this unprecedented situation and will register its claim with the competent court, whilst continuing to pursue civil and criminal areas of redress against the former management and stakeholders of Geoenergo d.o.o.”
In October 2023, the tribunal ruled in favour of Ascent’s entitlement to proceeds above the baseline production profile from all wells in the Petišovci JV onshore gas concession area.
2 Replies to “Ascent faces U-turn ruling on partner’s insolvency”
Comments are closed.