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: Petišovci – Slovenia
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 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 […]
Ascent files claim memorial and €657m damages against Slovenia
Ascent Resources plc has formally filed its claim memorial and increase in damages to €656.5 million over its onshore gas interests against the Republic of Slovenia. HYDRAULIC FRACTURING Legal action began after the company claimed treaty breaches and that the country’s new laws banning the use of hydraulic fracturing affected the company’s operations within the […]
Ascent cancels Beryl’s £1m subscription
Ascent Resources plc has cancelled the delayed £1 million subscription by Beryl International Pty following developments in the arbitration over its onshore Slovenia gas joint venture. TERMINATION Ascent’s reasons for the move include the possible receipt of Slovenia funds, a recent £400,000 fundraise, Beryl’s failure “to provide confidence” on its ability to complete its commitment […]