Ascent Resources plc today said it had reached an agreement over further hydrocarbon revenues from the joint venture (JV) operations within the Petisovci concession area in Slovenia. DISPUTES The legacy disputes are between the company and its Slovenian JV partner Geoenergo and the JV operating service provider Petrol Geo. In August 2022, Ascent received its […]
Tag: Ascent Resources plc
Ascent Slovenia claims more than €500m damages
Ascent Resources plc’s has revised its preliminary damages claim to more than €500 million [£422m] over oil and gas interests against the Republic of Slovenia. PETIŠOVCI The figure is included in the formal submission by the company and its subsidiary Ascent Slovenia Ltd, referred to as the investors, of their dispute with Slovenia to arbitration. […]
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 […]
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 […]
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 […]
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 […]