Ascent Resources plc said its Slovenia partner’s administrator had terminated the restated joint operating agreement (RJOA) on the same date as the opening of its partner’s insolvency proceedings. PRECAUTION The termination is under default rules of Slovenian Obligations Code. The Petišovci onshore gas joint venture is between Ascent Slovenia Ltd (ASL) and Geoenergo d.o.o. which […]
Tag: Ascent Resources plc
Ascent Slovenia partner’s insolvency approved
Ascent Resources plc said that the high court has given final approval of its Slovenia joint venture partner Geoenergo d.o.o.’s insolvency. TENDER 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 […]
Ascent faces U-turn ruling on partner’s insolvency
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 […]
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 […]
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 […]