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 […]
Legal
Ascent notifies Slovenia of further treaty breaches
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 […]
Rockhopper notes close of arbitration
Rockhopper Exploration plc said that it had been told that the proceedings related to the Ombrina Mare arbitration were closed on 25 April 2022. DAMAGES The International Centre for Settlement of Investment Disputes (ICSID) tribunal has 120 days after closing to issue its award, extendable by 60 days. Rockhopper is seeking damages based on lost […]
Ascent faces legal block to some gas workstreams in Slovenia
Ascent Resources plc said that, due to a legal amendment, it did not expect to complete certain work relating to hydraulic stimulation of its operating gas wells in Slovenia. LAW AMENDMENTS The company also expects to increase its claim for damages due to a further breach of the Energy Charter Treaty (ECT) and UK-Slovenia Bilateral […]
VOG temporarily stops trading after $12m award ruling
Victoria Oil & Gas plc (VOG)’s shares were yesterday suspended after an arbitral tribunal of the International Chamber of Commerce (ICC) ruled against the company’s subsidiary Gaz du Cameroon, making an award of US$12.1 million. NO DELAYS The dispute between GDC and RSM Production Corporation relates to previous work in Cameroon. The company said that […]
Predator reviews options to recover Inniss-Trinity gas revenues
Predator Oil & Gas Holdings plc said it continued to evaluate its options to recover revenues from its operations at the Inniss-Trinity gas project in Trinidad. SETTLEMENT This is to recover significant CO2 EOR [enhanced oil recovery] revenues to which the company believes it is entitled under the WPA with FRAM Exploration Trinidad Ltd. Predator […]