Ascent Resources plc has lost its case for claims against Slovenia in relation to the 2022 ban on hydraulic stimulation which affected its Petišovci oil and gas joint venture.
COSTS
The company had taken its case to the International Centre for Settlement of Investment Disputes (ICSID) under the Energy Charter Treaty.
The tribunal ruled that Ascent and its subsidiary Ascent Slovenia Ltd must pay €3 million (£2.56m) in costs to the Republic of Slovenia
The “unanimous award”, dated 7 July 2026, denies all of Ascent’s jurisdictional objections and confirmed its own jurisdiction “over the totality” of the company’s claims.
Ascent said that all of its claims under Articles 10 (Fair and Equitable Treatment and National Treatment) and 13 (Expropriation) of the ECT were denied.
The final and binding award also denied the company’s claim for compensation.
Both parties equally share the costs of the arbitration, while Ascent’s all other are claims were dismissed.
“The company is reviewing the full award and its implications and will provide a further update to shareholders in due course and as appropriate,” added Ascent.