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 […]
Legal
Ascent Slovenia stops partner’s insolvency move
Ascent Resources plc has stopped its Slovenia joint venture partner, subject of an arbitration tribunal over funds owed, from entering self-declared insolvency. ABUSE In October 2023, the tribunal ruled Ascent’s entitlement to proceeds above the baseline production profile from all wells in the Petišovci onshore gas concession area. The company said its subsidiary Ascent Slovenia […]
UKOG welcomes ruling to stop appeals against Loxley
UK Oil & Gas plc (UKOG) said the Court of Appeal had refused permission for any further appeal against the grant of planning permission for the Loxley conventional gas and hydrogen feedstock project. ORDERS Today’s decision is final and cannot be further reviewed or appealed. “Consequently, Loxley’s planning permission will now remain in full force and effect […]
Ascent consults lawyers over partner’s insolvency move
Ascent Resources plc is seeking legal advice after its Petišovci gas joint venture partner, and subject of an arbitration tribunal, began insolvency proceedings in Slovenia. CHALLENGES In October, the tribunal confirmed Ascent’s entitlement to proceeds above the baseline production profile from all wells in the concession area. Following partner Geoenergo d.o.o.’s move towards insolvency proceedings, […]
Ascent increases estimate of Petišovci proceeds
Ascent Resources plc has increased its estimate of production proceeds from €3.5 to around €8 million based on revealed data from the Petišovci gas joint venture in Slovenia. COURT ORDER A data disclosure instruction since October’s decision from the arbitration tribunal shows the historic production data, which Ascent used to calculate the proceeds to which […]
WCM progresses towards 2024 start of construction
West Cumbria Mining Ltd (WCM) set out further preparations for construction while awaiting the legal challenge against its coking coal mine off the coast of Whitehaven. MINE PLAN Key senior team members have been recruited and key delivery partners selected. The company is progressing detailed design works, including the coal processing plant and key infrastructure. […]