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 […]
Tag: Ascent Resources plc
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 […]
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 […]
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 […]
Ascent raises £242,500 via warrant exercise
Ascent Resources plc has raised £242,500 after agreeing to the immediate exercise of the remaining equity warrants issued on 6 August 2020. The August 2020 warrant holders owned in total a remaining 6,062,500 new equity warrants exercisable at 4 pence per new warrant share. In exchange for the accelerated warrant exercise, Ascent agreed to issue […]
Ascent NED Ewen Ainsworth to leave
Ascent Resources plc non-executive director Ewen Ainsworth will step down from 28 February 2022. Mr Ainsworth has accepted a full-time executive position elsewhere.