Ascent Resources plc has a won a further €4,990,976, plus interest since 19 January 2024, in an arbitration ruling against its former Slovenian joint venture partner Geoenergo d.o.o.
PETROL GEO
The sum is in addition to the €2,890,519.17 already accepted by Geoenergo’s administrator and approved by the relevant insolvency court.
Proceedings relate to Ascent’s subsidiary’s interpretation of the ‘restated joint operating agreement’ for the onshore Petišovci tight gas field, in which the tribunal found in its favour.
The company said that recovery of the payments was subject to finalisation of Geoenergo’s administration.
The tribunal also awarded costs of €79,234.83 and a further €56,825 in cash within 15 days.
The insolvency court has also invited Ascent to enter into mediation with the administrator which is attempting to challenge the jurisdiction of the arbitration tribunal.
Ascent added that the administrator’s position on the matter was also “manifestly wrong”.
The company also continues its disputes with Geoenergo’s connected party and JV service provider Petrol Geo d.o.o.
It expects the outcome of the service agreement dispute over the coming weeks.
The dispute over an ancillary agreement between the JV partners and Petrol Geo, known as the framework build operate transfer agreement, will enter the final mediation stage in the following weeks.