Ascent Resources plc said it had received the first cash payment following the agreement on recognition of revenue at its joint venture (JV) onshore gas operations in Slovenia. REVENUES On 2 August the company and its local JV partner agreed Ascent’s entitlement to 90% of the hydrocarbon production revenues from the PG-10 and PG-11A wells […]
Tag: Petišovci – Slovenia
Ascent to receive €1.68m in Slovenia dispute
Ascent Resources plc said it expected to receive €1.68 million hydrocarbon revenues covering 26 months’ operations from its joint venture (JV) within the Petisovci concession area in Slovenia. WELLS PG-10 & PG-11A Ascent holds a 75% interest in the Petišovci project and its JV partner Geoenergo holds the remaining 25%. The revenues are from the […]
Ascent completes legal funding for Slovenia claim
Ascent Resources plc said it had signed a binding damages-based “no win no fee” agreement to appoint Enyo Law LLP for its arbitration claim against Slovenia. TREATIES The claim is based on breaches of the Energy Charter Treaty (ECT) and UK-Slovenia Bilateral Investment Treaty (BIT). Enyo represented Ascent in last year’s pre-arbitration negotiations with Slovenia. FRUSTRATION […]
Ascent notifies Slovenia of further treaty breaches
Ascent Resources plc said it had formally notified the Slovenian Government of further claims of treaty breaches over its hydrocarbon operations in the country. COMMITTED The company refers to the UK-Slovenia Bilateral Investment Treaty (BIT) and the Energy Charter Treaty (ECT). Ascent added that Slovenia’s recent actions include a ban on “holders of mining rights […]
Ascent secures non-recourse funding for Slovenia claim
Ascent Resources plc announced it had signed a binding damages-based agreement for its arbitration claim against the Republic of Slovenia. ARBITRATION Ascent said that the agreement was with Enyo Law LLP who filed the notice of dispute and represented the company in the pre-arbitration negotiations. The agreement will start arbitration proceedings against Slovenia under the […]