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 […]
Tag: Ascent Resources plc
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 […]
Ascent signs £1.5m deal for MBD to take 20% control
Ascent Resources plc has signed a £1.5 million strategic collaboration for 20% of the company with investor MBD Partners SA. PREMIUM MBD will directly subscribe for 42,857,143 new ordinary shares of 0.5p each, at 3.5 pence per new share, a 35% premium to the closing bid price of 2.6 pence on 2 October 2023. Each […]
Ascent secures ATE insurance for €656.5m damages against Slovenia
Ascent Resources plc has secured after the event (ATE) insurance in relation to the €656.5 million Energy Charter Treaty damages claim over gas exploration against the Republic of Slovenia. PRE-EMPTIVE ACTION The company began its action after delays to and a dispute over the joint venture project within the Petišovci concession area. An ATE insurance […]