Ascent Resources plc has filed a court application to enforce the “binding” award, of an increased amount of some €7.8 million in historic hydrocarbon production proceeds, from its former Slovenian partner.
INVOICES
The dispute arose from Geoenergo d.o.o.’s insolvency in January 2024, following arbitration over the partners’ previous Petišovci onshore gas joint venture.
The company’s local subsidiary, ASL’s court application includes that the administrator pay €56,825, “as specified by the tribunal”, to enforce the award.
“Recovery of the c. €7.8 million plus other ancillary amounts owed remains subject to the conclusion of Geoenergo’s administration and consequently ASL may ultimately recover less than the full amount,” said Ascent.
ASL has also been defending, on behalf of the JV, Petrol Geo d.o.o.’s claim for approximately €440,000 of alleged unpaid invoices from March 2023 to April 2024.
“The tribunal agreed with ASL and found that it had no valid jurisdiction over amounts claimed up to 28 November 2023 and determined that Petrol Geo is owed approximately €240,000 for the period 29 November 2023 to 19 April 2024,” said Ascent.
ASL is further considering whether to file an additional, post-insolvency claim against Geoenergo for ASL’s share of hydrocarbon proceeds, of some €420,000, produced from 20 January 2024 to 19 April 2024. The concession contract was terminated on the latter date.
RELATED MATTERS
ASL has also started mediation against Petrol Geo for reimbursement of approximately €66,000 in “prepaid easement costs”.
Ascent said ASL would no longer received the benefits which had “unjustly enriched Petrol Geo”.
The company further stated that Petrol Geo should meet its contractual obligation to purchase ASL’s 75% interests in the JV’s plant and infrastructure acquired after October 2013.
“The parties are in direct discussions exploring an amicable, holistic solution to these interrelated matters,” added Ascent.
“ASL remains focused on a pragmatic outcome, which could include ASL’s exit from any remaining interests in plant and property in Slovenia; however, there is no certainty that agreement will be reached.”