Finance Legal News Oil & Gas

Ascent Slovenia receives first payment of €650,560

Ascent Resources plc said it had received the first cash payment following the agreement on recognition of revenue at its joint venture (JV) onshore gas operations in Slovenia. REVENUES On 2 August the company and its local JV partner agreed Ascent’s entitlement to 90% of the hydrocarbon production revenues from the PG-10 and PG-11A wells […]

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Ascent to receive €1.68m in Slovenia dispute

Ascent Resources plc said it expected to receive €1.68 million hydrocarbon revenues covering 26 months’ operations from its joint venture (JV) within the Petisovci concession area in Slovenia. WELLS PG-10 & PG-11A Ascent holds a 75% interest in the Petišovci project and its JV partner Geoenergo holds the remaining 25%. The revenues are from the […]

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Ascent JV initiates mediation process in Slovenia

Ascent Resources plc today said that it and its local joint venture (JV) partner, Geoenergo, had agreed to initiate the dispute resolution mechanism in their contract and initiated the mediation process in Slovenia. The company added that a Court of Appeal, High Court Ljubljana judge had now been appointed as the mediator between the joint […]

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Ascent completes legal funding for Slovenia claim

Ascent Resources plc said it had signed a binding damages-based “no win no fee” agreement to appoint Enyo Law LLP for its arbitration claim against Slovenia. TREATIES The claim is based on breaches of the Energy Charter Treaty (ECT) and UK-Slovenia Bilateral Investment Treaty (BIT). Enyo represented Ascent in last year’s pre-arbitration negotiations with Slovenia. FRUSTRATION […]

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Ascent notifies Slovenia of further treaty breaches

Ascent Resources plc said it had formally notified the Slovenian government of further claims of treaty breaches over its hydrocarbon operations in the country. HYDRAULIC STIMULATION The company refers to the UK-Slovenia Bilateral Investment Treaty (BIT) and the Energy Charter Treaty (ECT). Ascent added that Slovenia’s recent actions include a ban on holders of mining […]

Legal News Oil & Gas

Ascent faces legal block to some gas workstreams in Slovenia

Ascent Resources plc said that, due to a legal amendment, it did not expect to complete certain work relating to hydraulic stimulation of its operating gas wells in Slovenia. LAW AMENDMENTS The company also expects to increase its claim for damages due to a further breach of the Energy Charter Treaty (ECT) and UK-Slovenia Bilateral […]