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: legal
Europa faces move to replace senior management
Europa Oil & Gas (Holdings) plc faces an attempt to remove and replace chief executive officer William Holland and chief operating officer Alastair Stuart with former directors Paul Barrett and Erika Syba. DEFICIENCES The company said it had received a letter attempting to requisition a general meeting from a group of shareholders, including Mr Barrett […]
Cadence asks to meet Mexican Government over Sonora lithium
Cadence Minerals plc has asked to meet the Mexican Government over the as yet unverified revocation of its Sonora lithium mining concessions and “related acts and omissions by Mexico”. BILATERAL INVESTMENT TREATY The concessions include those granted to Mexilit S.A. de CV and Minera Megalit S.A. de CV, in which Cadence holds a 30% stake […]
Reabold requests valid resolutions to requisition general meeting
Reabold Resources plc said that last week’s notice to requisition a general meeting was invalid because of “material deficiencies” under section 303 of the Companies Act 2006. ACTIONS Pershing Nominees Ltd, which owns a total 7.84% representing 13 beneficial owners, called for shareholders to vote on, among other matters, the removal of Reabold’s co-chief executive […]
IOG appoints administrators
IOG plc has appointed administrators while its nominated adviser and broker has resigned. NEGOTIATIONS The company operates the Saturn Banks gas project in the southern North Sea as well as incremental assets of P2442 and P2589 and prospects in undeveloped clusters. Since 2022, IOG has faced rising costs and from June 2023 has agreed successive […]
IOG files for administration
IOG plc has filed for administration following “extensive consideration” of its financial situation and the “underperformance” of its developed assets. ISSUES The company, which runs the Saturn Banks gas project in the southern North Sea, has also requested a suspension of trading in its ordinary shares on AIM from 2.10pm today. IOG had been in […]