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 […]
Legal
Ffos-Y-Fran could face enforcement action
Ffos-Y-Fran coal mine could be served an enforcement order after the local authority refused to grant more time to extract mineral and restore the Merthyr Tydfil site in South Wales. FAILURES Operator Merthyr (South Wales) Ltd’s planning permission expired after 15 years on 6 September. Owned by Gwent Investments Ltd, the company had sought an […]
Rockhopper-Italy to work jointly over €247m award
Rockhopper Exploration plc and Italy must work together over the €247m Ombrina Mare award, before the oil and gas explorer is allowed to take legal action. PROVISIONAL STAY The ICSID award relates to compensation from Italy’s ban on oil and gas exploration within 12 miles of the Italian coastline, which affected Rockhopper’s activities. In October […]
Ascent settles portion of onshore Slovenia gas dispute
Ascent Resources plc has settled part of its revenue claim against joint venture (JV) partner Geoenergo, and agreed full settlement in the dispute with JV service provider Petrol Geo, over onshore gas interests in Slovenia. PETROL GEO Mediation between the companies resulted in a settlement of €1,436,000, at a 30% discount to the face value, […]
Rockhopper awaits ruling on Italy’s move over award
Rockhopper Exploration plc said today that the Italian Government’s request to annul the €247 million award relating to the Ombrina Mare oil field dispute is due to have its final hearing during Q1 2024. AWARD The award comprises €190 million plus accrued interest from January 2016 to August 2022. Interest was paused for four months following the […]
NSTA investigates suspected failure to meet work obligations
The North Sea Transition Authority said it was investigating an oil and gas company suspected of failing to meet licence obligations designed to stimulate activity in support of the UK’s energy security. SEISMIC SURVEY The regulator will consider whether the company was obliged under the terms of a licence it was awarded in a prior […]