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, […]
Tag: Ascent Resources plc
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 […]
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 […]
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 […]
Ascent awarded proceeds from all Petišovci wells
Ascent Resources plc said it had received confirmation of its subsidiary’s entitlement to proceeds from all the wells in the Petišovci onshore gas joint venture in Slovenia. RESOLUTION The arbitration tribunal’s decision follows the hearing against the company’s partner Geoenergo. Disagreement arose from the companies’ different interpretations of baseline production and the number of wells […]
Ascent independent NED Stephen Birrell leaves
Ascent Resources plc independent non-executive director Stephen Birrell has stepped down after three years on the board. “The board would like to thank Stephen for his valuable contribution to the company over the last few years and we wish him every success in his next venture,” said executive chairman James Parsons. Ascent intends to appoint […]