Legal News Oil & Gas

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 […]

Legal News Oil & Gas

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 […]

Legal News Oil & Gas

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, […]

Legal News Oil & Gas

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 […]

Legal News Oil & Gas

Ascent creates SPV to distribute Slovenia proceeds

Ascent Resources plc is creating a special purpose vehicle to distribute an entitlement to the economic interest in 49% of any net proceeds if its claim against Slovenia is successful. MEETING The company and its subsidiary Ascent Slovenia Ltd are engaged in arbitration over breaches of the Energy Charter Treaty relating to the Petišovci onshore gas […]

Company Moves News Oil & Gas

Ascent appoints Jean-Michel Doublet as NED

Ascent Resources plc has appointed Jean-Michel Doublet to the board as an independent non-executive director with immediate effect. Mr Doublet has more than 25 years’ international experience in corporate finance, with M&A experience, working with independent oil and gas companies focusing on emerging markets. He previously held a directorship at ZHRH Corporation in Nevada and […]