Ascent Resources plc said it had been advised of a prepared draft for a tribunal award in connection with its Petišovci gas joint venture in Slovenia. COMPLEXITY The company’s claim is under the Energy Charter Treaty against the Slovenian Government. Ascent added that the arbitration tribunal from International Centre for Settlement of Investment Disputes (ICSID), […]
Tag: arbitration tribunal
Ascent expects Slovenia award this quarter
Ascent Resources plc today said it still expected an award towards the end of the first quarter of this year, in relation to its Energy Charter Treaty claim against Slovenia. DELIBERATION The claim, registered with International Centre for Settlement of Investment Disputes (ICSID), is connected with the company’s Petišovci onshore gas joint venture. Ascent added that […]
Ascent Slovenia tribunal hearing concludes
Ascent Resources plc and its Slovenia subsidiary’s arbitration hearing over its claim against the Republic of Slovenia has concluded. The hearing at the International Centre for Settlement of Investment Disputes (ICSID) is under the Energy Charter Treaty. The company said that the private and confidential hearing addressed matters including the merits and quantum evaluations of […]
Ascent Slovenia stops partner’s insolvency move
Ascent Resources plc has stopped its Slovenia joint venture partner, subject of an arbitration tribunal over funds owed, from entering self-declared insolvency. ABUSE In October 2023, the tribunal ruled Ascent’s entitlement to proceeds above the baseline production profile from all wells in the Petišovci onshore gas concession area. The company said its subsidiary Ascent Slovenia […]
Ascent’s Slovenia partner moves to insolvency
Ascent Resources plc is seeking legal advice after its Petišovci gas joint venture partner, and subject of an arbitration tribunal, began insolvency proceedings in Slovenia. CHALLENGES In October, the tribunal confirmed Ascent’s entitlement to proceeds above the baseline production profile from all wells in the concession area. Following partner Geoenergo d.o.o.’s move towards insolvency proceedings, […]
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 […]